MCCLELLAN PARK, CA / ACCESSWIRE / August 17, 2022 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers, today announced to begin the development on the second phase of its 32.4 MWac/34.83 MWdc Shorewood Solar Project across 167 acres in Kendall County, Illinois.
The project is projected to begin operations by 2026. Within its first year of operation, the solar project is expected to produce 57 million Kilowatt-hours (kWh) of energy. This is the equivalent electricity needed to offset the CO2 emissions of 5,088 homes in one year.
"The Shorewood Solar Project represents a tremendous achievement towards reducing carbon emissions while producing clean energy," said Xiaofeng Denton Peng, Chairman and CEO of SPI Energy. "Illinois has entered the U.S. Climate Alliance, a group of states committed to reducing greenhouse gas emissions consistent with the United Nations Paris Agreement. We're proud to be a part of helping the great state of Illinois achieve its climate change goals."
On Aug 16, 2022, the Inflation Reduction Act has been in effective where the sweeping bill allocates more than $300 billion to be invested in energy and climate reform. It's the largest federal clean energy investment in U.S. history. The bill will significantly boost the renewable energy industry, so to help cut greenhouse gas emissions by 42% below 2005 levels, to reach the U.S.′ 2030 climate goal, and to avert the worst impacts of climate change.
About SPI Energy
SPI Energy Co., Ltd. (NASDAQ:SPI) is a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions that was founded in 2006 in Roseville, California and is headquartered in McClellan Park, California.
The company has three core divisions: SolarJuice solar wholesale distribution, residential solar and roofing installation, and solar module manufacturing, the SPI Solar and Orange Power commercial & utility solar division, and the EdisonFuture/Phoenix Motor EV division. SolarJuice is the leader in renewable energy system solutions for residential and small commercial markets and has extensive operations in the Asia Pacific and North America markets. The commercial & utility solar division provides a full spectrum of EPC services to third party project developers, and develops, owns and operates solar projects that sell electricity to the grid in multiple regions, including the U.S., U.K., and Europe. Phoenix Motor is a leader in medium-duty commercial electric vehicles, and is developing EV charger solutions, electric pickup trucks, electric forklifts, and other EV products.
SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green industries such as battery storage, charging stations, and other EVs which leverage the Company's expertise and substantial solar cash flow.
For more information on SPI Energy and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.SPIgroups.com or available at www.sec.gov.
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These factors include, among others, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
SPI Energy Co., Ltd.
SOURCE: SPI Energy Co., Ltd.
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