SPI Energy Co., Ltd. ("SPI Energy" or the "Company"), SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors, today announced that it, through its wholly owned subsidiary, SPI Solar, Inc. ("SPI Solar"), has started the construction of the 712kW Oahu 101-1 solar carport project. The project is located on the island of Oahu in Hawaii and will sell clean electricity to the Hawaiian Electric Company once completed.
"The start of construction of the Oahu 101-1 solar carport project is an important milestone for our Orange Power subsidiary, which is focused on owning and operating solar projects in the US.," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "We are excited to take this next step in growing our solar asset base in the US through project ownership."
Under the Hawaii Clean Energy Initiative, the state is working to become the nation's first-ever 100% renewable energy portfolio. The Hawaii Clean Energy Initiative is a partnership between the State of Hawaii and the U.S. Department of Energy that launched in 2008. It brings together business leaders, policy makers, and concerned citizens committed to leading Hawaii to energy independence.
With the US re-entering the Paris Climate Agreement, new legislation is expected in the coming months to further the development of renewable energy to help keep average global temperatures from rising no more than 2 degrees Celsius, and preferably less than 1.5 degrees Celsius by 2100, compared to pre-industrial times.
About SPI Energy
SPI Energy Co., Ltd. ("SPI") is a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors. The Company provides a full spectrum of EPC services to third party project developers, as well as develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., the U.K., Greece, Japan and Italy. The Company has its US headquarters in Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia. SPI is also targeting strategic investment opportunities in green industries such as battery storage and charging stations, leveraging the Company's expertise and growing base of cash flow from solar projects and funding development of projects in agriculture and other markets with significant growth potential.For more information on SPI Energy and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.SPIgroups.com or available at www.sec.gov.
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These factors include, among others, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 20-F filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
SPI Energy Co., Ltd.
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