PhotonNews — US vertically integrated solar project developer SPI Solar Inc., which is itself partially owned by struggling Chinese PV company LDK Solar, plans to acquire and develop a 9.9 MW (DC) PV power plant in Lafayette, New Jersey.
SPI has entered into an agreement to acquire from Shotmeyer Solar LLC 100% of its interest in Beaver Run Solar Farm LLC, which owns the 9.9 MW project.
SPI has also executed a long-term ground lease with Shotmeyer Solar for the land dedicated for the solar project. The transaction, the value of which was not disclosed, is expected to close by the end of this year.
SPI plans to begin construction of the project in the first quarter of 2015, with completion and grid connection scheduled for around the fourth quarter of 2015. Once completed, the power plant will be retained and operated by SPI.