Solar Power Inc. Agrees to Buy Controlling Stake in Convertergy

(Bloomberg) — Solar Power Inc., a renewable-energy project
developer backed by China’s LDK Solar Co., agreed to buy a 76.8
percent stake in Convertergy Energy Technology Co., a provider
of energy-monitoring services.

Solar Power is paying $13.8 million in stock and assuming a
$1.5 million loan, the Shanghai-based company said in a
statement Friday. The transaction is subject to closing
conditions. The solar developer will use Convertergy’s
technology to enhance its photovoltaic, or PV, applications.

“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,” Chairman Xiaofeng Peng said in the statement.

LDK owns about 24 percent of Solar Power, which moved its
headquarters to Shanghai from California in January.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Carlos Caminada, Steven Frank

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