SPI's Orange Power and SPI Solar Subsidiaries Produced 55.9 Million Kilowatt Hours of Renewable Energy in 2022
MCCLELLAN PARK, CA / ACCESSWIRE / February 2, 2023 / SPI Energy Co., Ltd., 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 that its Independent Power Producing ("IPP") subsidiaries, Orange Power Co., Ltd. and SPI Solar, Inc., produced approximately 55,896,344 kilowatt hours (kWhs) of renewable energy from its solar projects in the UK, Italy, Greece, and Hawaii. SPI's subsidiaries produced enough renewable energy in 2022 to power more than 9,300 average European homes and offset more than 37,930 tons of CO2 greenhouse gases.
"SPI is committed to delivering clean, renewable energy to build resilience for a more sustainable future," said Xiaofeng Peng, Chief Executive Officer of SPI Energy. "Our work is positively impacting climate contributions in major markets globally, and we expect to further bolster our commitment to these markets with the addition of new projects that expand our operating portfolio and increase our environmental impact."
The European Green Deal, approved by the European Commission in 2020, set ambitious targets for reducing emissions by 2030, including a 55% reduction from 1990 levels. According to recent reports, there is growing support in the European Parliament to increase the 2030 targets in an effort to break away from Russian fossil fuels.
In the US, there are numerous initiatives in place, at both the federal and state level, to help reduce greenhouse gas emissions, foster renewable energy development, and promote energy efficiency.
The global solar energy market was valued at $52.5 billion in 2018 and is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026, according to Allied Market Research.
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 which has solar wholesale distribution, as well as residential solar and roofing installation and solar module manufacturing, SPI Solar and Orange Power which operates a 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 SPI Solar 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 energy 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.
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