SANTA CLARA, CA / ACCESSWIRE / August 24, 2021 / SPI Energy Co., Ltd. (“SPI Energy” or the “Company”) (NASDAQ: SPI), a global renewable energy company and provider of solar and electric vehicle (EV) storage solutions to businesses, individuals, governments, logistics, and customers and investors, today announced that Orange Power Inc., a wholly-owned independent power generation company (“IPP”), has secured loan financing to complete the 718kW Oahu 101-1 solar car shelter project at the Hawaii Agricultural Research Center ( “HARC”) in Oahu, Hawaii.
Funding was secured from East West Bank, the largest publicly traded bank headquartered in Southern California. As part of the bank’s Clean Tech loan program, the loan facility allows Orange Power to complete construction of the project and begin operations at the site by the end of 2021. When completed , 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 for the next 20 years, selling electricity from the solar shelter 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, president and CEO of SPI Energy. “We see this as a platform for continued investment in the state where we already have projects totaling 11.6 MW in advanced development and a growing pipeline of additional projects representing years of potential work.”
“We are also very pleased to partner with East West Bank, one of the leading funders of renewable energy projects across the United States,” continued Peng. “Throughout the financing process, they demonstrated their professionalism, knowledge of the industry and efficient transactions. We look forward to developing our strategic relationship with their exceptional team.
“Despite the impacts of the pandemic on the cleantech energy industry, the eastern West Bank continues to have confidence in the cleantech sector and sustainable finance,” said Jacky To, vice president and Cleantech Lending Group Leader in the Eastern West Bank. “This funding also underscores our commitment to supporting asset owners with the capital solutions required to meet their evolving needs.”
As part of the Hawaii Clean Energy Initiative, the state is working to become the country’s first 100% renewable energy portfolio. The Hawaii Clean Energy Initiative is a partnership between the State of Hawaii and the US Department of Energy launched in 2008. It brings together business leaders, policy makers and concerned citizens committed to lead Hawaii to energy independence.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. (SPI) is a global renewable energy company and provider of solar and electric vehicle (EV) storage solutions to commercial, residential, government, logistics and utility customers and investors. The Company provides a full range of EPC services to third party project developers, as well as develops, owns and operates solar projects that sell electricity to the grid in several countries, including the United States, United Kingdom, Greece, Japan and Italy. The company is headquartered in the United States 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 the growing cash flow base from solar projects and financing the 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 shareholders, investors and other interested parties read the Company’s public documents and press releases available in the Investor Relations section at www.SPIgroups.com or available on www.sec.gov.
About the Eastern West Bank
East West Bank provides financial services that help clients go further and connect to new opportunities. The bank is 100% owned by East West Bancorp, Inc., which has total assets of $ 59.9 billion and is listed on the Nasdaq Global Select Market under the symbol “EWBC”. East West Bank operates more than 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 by the use of words such as may “,” may “,” intend to “,” should “,” may “,” may “,” would “,” continue “,” expect “,” believe “,” anticipate “,” estimate “,” predict “,”,, “d Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the current expectations of the Company and are only valid as of the date of this press release. Actual results may differ materially from the Company’s current expectations depending on a number of factors. These factors include, among others, the coronavirus (COVID-19) and the effects of the epidemic and the measures taken in this regard, 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 a new product t offerings and market changes, risks associated with management growth of the business; and 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 assumes no responsibility for revising or updating forward-looking statements.
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