Solar Power Inc (OTCMKTS:SOPW) is seeing a new ray of light in Latin America through its latest deal with SG Panama Solar LLC. The company notified its shareholders that it had formed a Joint Venture with SG Panama, a division of SDL Solar.
JV with SDL Solar
The agreement provisions for the development, ownership, and operation of solar assets. As per the agreement, Solar Power Inc (OTCMKTS:SOPW) will be required to provide its technical and financial assistance to complete the development and implementation of more than 100 megawatts (MW) of solar projects. These solar projects are said to be located in the Republic of Panama.
Solar Power Inc (OTCMKTS:SOPW) will have a controlling interest in the joint venture. As the company made the announcement, its Chairman, Xiaofeng Peng said that the partnership will help the company to set its footprint in Latin America, which is perceived to be one of the emerging solar markets across the globe. Meanwhile, SDL Solar’s Managing member, Manny Sakellakis too expressed the company’s pleasure in associating with a reputed company like Solar Power Inc (OTCMKTS:SOPW).
Amidst this development, Solar Power Inc (OTCMKTS:SOPW) is constantly aiming to scale up its operations. In its latest effort, the company has agreed to construct a 20-megawatt power plant, situated in Inner Mongolia region of China. The company said that the construction will commence by early next month while it anticipates the operations to start by as early as June. Though Solar Power Inc (OTCMKTS:SOPW) did not disclose the terms of the agreement, but it certainly is encouraging to the investors.
As China’s National Energy Administration is targeting to install nearly 18 giga watts of solar capacity in the current year, Peng is confident that it will help the company derive significant benefits in the near future. Solar Power Inc (OTCMKTS:SOPW) stock traded down by 2.33% to $2.10 during the last trading session, where it recorded an average volume of 159,384 shares.