Spi Energy Co Ltd (NASDAQ:SPI) shares were up 11.26% to $6.62 on Tuesday as the company signed two new EPC contracts in China, namely a 40MW photovoltaic (PV) power generation project with Inner Mongolia Jitong New Energy Technology Co., Ltd. and a 6MW project with Linze County Tianheng New Energy Co., Ltd. in the Gansu province.
These projects add to SPI Energy’s strategy of delivering high quality solar plants and supplying more clean energy to the grid in China,” said Chairman and CEO of Spi Energy Xiaofeng Peng. “Spi Energy has successfully completed the first phase of these projects and we are delighted to be awarded the remaining EPC work as well. This is a testament to the strong focus on quality and efficiency of our experienced team.”
Spi Energy is a provider of PV solutions for business, residential, government and utility customers and investors. It focuses on the downstream PV market, including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America and operates an online energy e-commerce and investment platform, which which enables individual and institutional investors to purchase PV-based investment and other products.
Under these new contracts, Spi Energy will provide a wide range of services from engineering and procurement to construction and distribution for the second phases of these projects. The Jitong New Energy project is expected to generate 50MW of power by phase two while the Linze County Tianheng project would generate 12MW. These projects are set to be completed by 2017.
The company has a market cap of $373.55 million at 627.87 million shares outstanding. Shares have been trading in a 52-week range of $4.66 to $18.90, which means that there’s significant room to go if the rallies are to carry on. The company’s shares just began trading on the Nasdaq market this year, following a reorganization merger between SPI and SPI Energy.
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