SPI Solar has entered into an agreement with a London-based global renewables developer (the Developer), to acquire the Developer’s right to develop, finance, construct, own and operate two solar PV projects in the UK.

The solar energy projects located in the UK represent 30.5MW of anticipated annual solar energy generation capacity. The agreement also grants SPI exclusive right to acquire and develop an additional 50 MW of solar project development rights in the UK. This announcement underscores SPI’s continued efforts to grow its presence in key global PV markets through strategic alliances with strong local developers.

The Department of Energy & Climate Change (DECC) in the UK has set a target that 15% of the country’s electricity must come from renewable sources by 2020. The UK currently is estimated to have between 3.2 – 4 GW of installed solar capacity. UK is believed to become the largest solar PV market in the Europe in recent future.

HK Cheong, Chief Operating Officer of SPI, commented, “SPI believe the UK offers some of the most compelling investment opportunities globally for solar project development that have strong potential for generating meaningful return on investment.”