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 its Independent Power Producing ("IPP") subsidiary Orange Power Co., Ltd. produced roughly 47,866,746 kilowatt hours (kWhs) of renewable energy in 2020 from its solar projects in the UK, Italy and Greece. Orange Power produced enough energy in 2020 to power more than 8,000 average European homes and offset more than 32,357 tons of CO2 greenhouse gases.
As part of the European Green Deal, the European Commission proposed in September 2020 to increase the 2030 greenhouse gas emission reduction target, including emissions and removals, to at least 55% compared to 1990 levels.
The global solar energy market was valued at $52.5 billion in 2018 and is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026, according to Allied Market Research.
With the success that Orange Power has seen with its operating solar project portfolio in Europe, it is now targeting new acquisition opportunities in the US, Europe, and Australia. Orange Power will look to acquire operating solar projects as well as projects in various stages of development.
Mr. Xiaofeng Peng, Chief Executive Officer of SPI Energy, commented, "Our past experience of project development, acquisitions and long-term ownership makes us an ideal partner for solar developers who are looking to sell their project portfolios across the Globe. Our recent successful capital raises provide the funds to further grow Orange Power through near-term project acquisitions."
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.
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.
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