SPI Energy Announces Acquisition of the Cork Solar Project

HONG KONG and SANTA CLARA, Calif., April 22, 2020 (GLOBE NEWSWIRE) — SPI Energy Co., Ltd. (“SPI Energy” or the “Company”) (NASDAQ: SPI), a global provider of green energy solutions for business, residential, government and utility customers and investors, today announced the acquisition of the Cork project from the previously announced framework agreement to acquire up to eight solar projects in the state of Oregon (the “Oregon Portfolio”). The Cork solar project will produce a total of approximately 1.89MW in the State of Oregon. The Cork solar project is a ground-mounted PV project and is located in Clackamas County, Oregon. The project will participate in the newly formed Oregon Community Solar Program. Following the acceptance and approval from the Public Utility Commission of Oregon, SPI, through its wholly-owned subsidiary Solar Town, will begin offering Community Solar Subscriptions to Businesses, Non-Profits & Homeowners in the Portland General Electric (PGE) utility territory. Electricity users will be able to save up to 10% on their electricity bills from the off-site solar gardens.

Mr. Xiaofeng Peng, Chief Executive Officer of SPI Energy, commented, “We are pleased with the closing of the acquisition of the Cork project as we believe our Oregon portfolio will continue to be a core part of our business for years to come.” Mr. Peng added, “We are happy with the progress of the Oregon Community Solar Program and look forward to providing PGE customers with a more cost-effective option for their electricity with our Community Solar Gardens.”

About SPI Energy

SPI Energy is a global provider of photovoltaic (“PV”) solutions for business, residential, government and utility customers and investors. The Company develops solar PV projects that are either sold to third party operators or owned and operated by the Company for selling of electricity to the grid in multiple countries in Asia, North America and Europe. The Company’s subsidiary in Australia primarily sells solar PV components to retail customers and solar project developers. The Company has its operating headquarter in Hong Kong and its U.S. office in Santa Clara, California. The Company maintains global operations in Asia, Europe, North America and Australia.

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