SPI to Buy All-Zip Roofing as China’s Demand for Solar Expands

(Bloomberg) — Solar Power Inc., a renewable-energy project
developer backed by China’s LDK Solar Co., agreed to buy
Shanghai All-Zip Roofing System Group as it seeks to sell more
rooftop systems.

SPI is buying All-Zip Roofing for 275 million yuan ($44.3
million), subject to closing conditions, the Shanghai-based
developer said in a statement Thursday.

The roofing company “fits well with SPI’s strategy to
capitalize on the growing market in China for the development of
distributed-generation solar,” Chairman Xiaofeng Peng said in
the statement. “All-Zip gives SPI a strong foundation to
capture market share.”

LDK owns about 24 percent of SPI, according to data
compiled by Bloomberg. SPI 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
Jim Efstathiou Jr., Will Wade

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us