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SPI to acquire controlling interest in Convertergy Technology
Solar Power Inc. has entered into a definitive share purchase agreement to acquire a controlling interest in Convertergy Energy Technology, a leading provider of smart monitoring and optimisation services in the PV industry.
Under the terms of the share purchase agreement, SPI will acquire 100% of the outstanding capital stock of Convertergy I Holdings Limited, which owns 76.8% of the equity interest in Convertergy Technology, for an aggregate consideration of USD 13.8 million and will repay a shareholder loan of USD 1.5 million owed by Convertergy Technology as well as accrued interest to the seller. The transaction is subject to several customary closing conditions.
"As a leader in smart monitoring and optimization, Convertergy Technology further strengthens SPI's growing portfolio of PV smart solutions," said Xiaofeng Peng, Chairman of SPI. "The ability to offer advanced technology applications such as power optimization and big data analysis to traditional PV is increasingly becoming a major differentiator in the global solar industry, and combining Convertergy Technology's leading solutions with our Solarbao.com platform will create a fully integrated energy internet platform that we believe will create significant value for our customers and shareholders."
