Chinese photovoltaic (PV) supplier Solar Power Inc. (SPI) has entered into an agreement to acquire 100% interest in the 6.02 megawatt (MW) Aerojet project located in Rancho Cordova, Calif.
The Aerojet solar farms were built by SPI in 2009 and 2010 and at the time were the largest single-site industrial solar installation in California—as well as one of the largest in the U.S. at the time. In 2009, then California governor Arnold Schwarzenegger used the site as the backdrop for the signing of the executive order for California's 33% Renewable Portfolio Standard.
In the proposed re-acquisition of Aerojet, SPI says it will add the project to its existing portfolio and help in its attempt to re-emerge as a solar power leader.
Xiaofeng Peng, chairman of SPI, says in a statement that the Aerojet project helped build the California solar market into what it is today and that having the Aerojet assets back within SPI will strengthen the company’s position in the U.S. market and globally.
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