SPI Solar Japan G.K., a wholly-owned subsidiary of Solar Power Inc. (SPI),has entered into a G.K. interest sale and purchase agreement with Re Capital K.K., a subsidiary of China-based China Reinsurance (Group) Corporation (China Re), to acquire the development rights of approximately 30 MW of solar PV projects in Japan.

SPI anticipates that construction of the identified projects, located in Japan's Kanagawa, Chiba, Ibaraki, and Fukushima Prefectures, will start from May 2015 with completion and connection to the grid for all of the projects expected by the first quarter of 2016.

In addition, SPI and Re Capital K.K. also agreed to explore co-development opportunities of up to 100 MW of additional solar PV projects in Japan, subject to finalization of the agreement.

"Today's announcement marks an exciting expansion of our business activities in Japan, one of SPI's core markets," said Xiaofeng Peng, Chairman of SPI. "The agreement also marks the beginning of our strategic collaboration with China Re to explore new opportunities in the global solar PV market."