(Bloomberg) — Solar Power Inc., a renewable-energy company
backed by China’s LDK Solar Co., is making its first foray into
Latin America, joining with SDL Solar to develop projects in
Panama.
SPI will hold a controlling interest in the joint venture,
which plans to bring at least 100 megawatts of capacity to
Panama, the Shanghai-based company said in a statement Tuesday.
Terms weren’t disclosed. SDL Solar, based in Franklin Lakes, New
Jersey, expanded into Panama last year, according to its
website.
The agreement “marks the establishment of SPI’s presence
in Latin America, which we expect to become one of the fastest-growing solar markets in the world,” Peng Xiaofeng, chairman of
SPI and founder of LDK, said in the statement.
Installations this year in Latin America, excluding Chile
and Mexico, may rise to as much as 424 megawatts from 170
megawatts in 2014, according to a Bloomberg estimate. Globally,
about 58 gigawatts will be installed, up from 47 gigawatts.
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Justin Doom in New York at
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Reed Landberg at
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Tina Davis, Randall Hackley