SPI Energy Co. (NASDAQ: SPI) has announced that it completed its second-stage acquisition of 100% of the equity interest of Heliohrisi, which owns 1.998 megawatts (MW) of photovoltaic projects in Greece, from Thermi Taneo Venture Capital Fund (TTVCF) with the purchase price of €1.7 million per MW. Shares traded sharply higher Thursday morning.
SPI Energy also entered into an amendment to the Framework Share Purchase Agreement dated September 20, 2017, pursuant to which SPI Energy’s acquisition of Thermi Sun would be delayed until no later than May 20, 2019.
The framework share purchase provides that SPI, through its subsidiary, would acquire 100% equity interests of three Greek companies, namely Thermi Sun, Heliohrisi and Heliostixio, from TTVCF, subject to certain adjustments and certain closing conditions.
These three companies own a total of four PV plants with 7.4 MW installations in northern Greece. The installations have been connected to the Greek power grid since July 2012 and are currently in operation.
SPI Energy closed the acquisition of Heliostixio on December 13, 2017. The company expects to complete the acquisition of Thermi Sun, which would be the last acquisition under the terms of the framework agreement by May 2019.
Shares of SPI were last seen up more than 91% at $5.00, with a 52-week range of $0.60 to $7.45.