Solar Power Inc (OTCMKTS:SOPW) a renewable-energy entity supported by China’s LDK Solar Co., is making its first entry into Latin America. It will associate with SDL Solar to build up projects in Panama. The company will have a controlling interest in the joint deal, which intends to bring minimum 100 MW of capacity to Panama. As of now, the terms of the deal are not disclosed. SDL Solar expanded into Panama in 2014.
The deal marks the establishment of Solar Power’s entry in Latin America, which is anticipated to translate into one of the fastest expanding solar markets in the world. The company expects the Installations in Latin America, excluding Mexico and Chile to increase to as much as 424 MW from 170 MW in 2014. Globally, installation figure is expected at 58 gigawatts, up from 47 gigawatts.
In unrelated news, Solar Power said that it intends to work on floating projects in the U.S. it is associating with Aqua Clean Energy to work on floating solar projects in Mexico and the U.S. The joint agreement would place solar panels on platforms in irrigation canals, quarry lakes, reservoirs, and tailing ponds. The two companies together are considering projects in New Mexico, Texas, Mexico and California and Arizona.
Apart from the environmental advantages of clean power, the project will minimize water evaporation. The two companies have recognized over 50 megawatts of potential projects. Peng Xiaofeng, chairman of Solar Power, said that the technology generates clean solar power energy and will be able to conserve water in extreme dry regions including California and the southwestern U.S. California is experience fourth successive year of drought. However, the technology may have a limited market appeal and will result in a small impact on water conservation.
In last trading session, Solar Power Inc (OTCMKTS:SOPW) Stock surged more than 8%to close at $2.15, with 653,781 shares traded.