SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ:SPI), 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 Orange Power Inc., a wholly-owned Independent Power Producing ("IPP") subsidiary, secured loan financing to complete the 718 kW Oahu 101-1 solar carport project at the Hawaii Agricultural Research Center ("HARC") in Oahu, Hawaii.
The financing was secured from East West Bank, the largest publicly-traded bank headquartered in Southern California. As part of the bank's Clean Tech lending program, the loan facility allows Orange Power to complete construction of the project and commence operations at the site by year end 2021. Upon completion, the Oahu 101-1 solar carport is expected to generate approximately 1,200 MWh annually, enough to power more than 190 homes in Hawaii. Orange Power will own and operate the project over the next 20 years, selling electricity from the solar carport to Hawaiian Electric (HECO).
"SPI Energy is proud to contribute to Hawaii's growing renewable energy industry with our first project in Oahu," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "We view this as a platform for continued investment in the state where we already have projects totaling 11.6 MW in late-stage development and a growing pipeline of additional projects representing years of potential work."
"We are also very pleased to partner with East West Bank, a leading financier of renewable energy projects across the US," continued Peng. "Throughout the financing process they demonstrated their professionalism, industry knowledge, and transaction efficiency. We look forward to growing our strategic relationship with their exceptional team."
"Despite the pandemic's impacts on the clean tech energy industry, East West Bank continues to be confident in the clean technology sector and sustainable finance," said Jacky To, vice president and group head of Clean Tech Lending at East West Bank. "This financing also highlights our commitment to support asset owners with the capital solutions required to fit their evolving needs."
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.
About SPI Energy Co., Ltd.
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.
About East West Bank
East West Bank provides financial services that help clients reach further and connect to new opportunities. The bank is wholly-owned by East West Bancorp, Inc., which has total assets of $59.9 billion and is traded on the Nasdaq Global Select Market under the symbol "EWBC." East West Bank operates over 120 locations in the United States and China. In the United States, East West Bank has branches in California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In China, East West's presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, and Xiamen. For more information on East West, visit www.eastwestbank.com.
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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