SPI Energy to pay EUR 45M in settlement agreement with SINSIN
SPI Energy has entered into a settlement agreement with SINSIN Europe Solar Asset Limited Partnership and SINSIN Solar Capital Limited Partnership, resolving all disputes arising from a share sale and purchase agreement dated September 6, 2014. Under the Settlement Agreement, the Company will pay a total of EUR 45 million in three installments to SINSIN as full and final settlement of all claims related to the dispute. The payments will include the release of EUR 33,052,852 from the accumulated bank deposits of the Company's four Greek SPVs and subsequent payments of EUR 5,001,148 and EUR 6,946,000 within three and five months, respectively, of the effective date. The dispute involved SINSIN Renewable Investment and its four Greek SPVs, which collectively own and operate photovoltaic parks in Greece with a total capacity of 26.57 MW. As part of the Settlement Agreement, SINSIN has agreed to release all pledges on the shares of the four Greek SPVs and dismiss, with prejudice, all associated legal proceedings in the United States, Greece, and Malta following full payment of the settlement amount. Upon full performance of the Settlement Agreement, the eight solar projects under SRIL will be re-consolidated into the Company's portfolio. These projects, which were deconsolidated in 2017, are expected to generate annual revenue of approximately EUR 8-10 million. This reintegration will significantly enhance the Company's renewable energy portfolio, which currently includes 17.51 MW of solar projects, more than doubling its total capacity.
