Shanghai-based solar photovoltaic developer Solar Power has unveiled plans to repurchase about $50 million of its common stock over six months ending December 7.
The company has stated that it would repurchase the stock “from the open market in negotiated transactions or otherwise in compliance with all conditions of Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended”.
According to a statement, the management of SPI will decide timing of the repurchase based on factors such as price, market conditions and regulatory requirements.
“SPI retains the right to limit, terminate or extend the share repurchase program at any time without prior notice,” the statement says.
Xiaofeng Peng, Chairman of SPI considers the management’s decision to repurchase its common stock as a mark of the confidence it has in the growth prospects of SPI.
Toward the end of last month Solar Power had completed acquisition of 80 percent of outstanding capital stock of Solar Juice, Australia, through its wholly owned subsidiary, SPI China.
Australia had more than 3 gigawatts of cumulative installed PV capacity of which more than 750 MW was installed during 2014.
SPI chairman Peng had then said: “The timing is particularly advantageous given the recent RET deal in Australia, which is expected to create more than $10 billion worth of investment in renewable energy projects over the coming years.”
Ajith Kumar S