SPI Energy Shares Rise Following Settlement Deal With SINSIN

MT Newswires Live01-11

SPI Energy (SPI) shares were up more than 50% in recent Friday trading after the company reached a settlement agreement with SINSIN Europe Solar Asset Limited and SINSIN Solar Capital Limited over legal disputes stemming from a 2014 share sale and purchase deal.

The settlement paves the way for the reconsolidation of eight solar projects into SPI's portfolio from SINSIN Renewable Investment Limited and its four Greek special purpose vehicles, the company said.

SPI said it agreed to pay 45 million euros ($46.1 million) in three installments to SINSIN to settle all claims related to the dispute, while SINSIN agreed to release all pledges on the shares of the four Greek special purpose vehicles and dismiss all related litigation in the US, Greece, and Malta.

SPI said it expects between $8 million and $10 million in additional annual revenue from the eight reconsolidated solar projects, which were deconsolidated in 2017 amid the litigation.

Price: 0.94, Change: +0.32, Percent Change: +50.58

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