SPI Energy Announces Closing of the Manchester and Waterford Solar Projects

SANTA CLARA, Calif., Aug. 26, 2019 (GLOBE NEWSWIRE) -- SPI Energy Co., Ltd. ("SPI Energy" or the "Company") SPI, a global provider of photovoltaic ("PV") solutions for business, residential, government and utility customers and investors, today announced the closing of two projects from the previously announced framework agreement to acquire up to eight solar projects in the state of Oregon (the "Oregon Portfolio"). The acquired Manchester and Waterford solar projects will produce a total of approximately 5.4MW in the State of Oregon. Both the Manchester and Waterford solar projects are ground-mounted PV projects and they are located in Yamhill County and Polk County, Oregon, respectively. Upon completion of these two PV projects, we will sell their power to Portland General Electric – generating clean, renewable energy for the local communities.

Mr. Xiaofeng Peng, Chief Executive Officer of SPI Energy, commented, "We are pleased with the timely closing of the acquisition of the Manchester and Waterford projects as we believe the Oregon Portfolio will be a great addition to our current solar project pipeline." Mr. Peng added, "We are taking prudent steps to expand our solar platform in the United States as we continue to rebalance our business-mix and refine our strategic investment in projects or businesses that have high growth potential."

About SPI Energy Co., Ltd.

SPI Energy Co., Ltd. (the "Company") 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 Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia.

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