SPI places $21.75m stock, bonds

SPI Solar says it has completed a private placement of common stock and convertible bonds for an aggregate $21.75m, and will utilize net proceeds as working capital and for debt repayment.

"We are pleased to have completed our private placement and with the support provided by our investors,” says SPI chief executive Min Xiahou. “This should provide SPI Solar with greater flexibility by which to pursue our current solar business strategy.”

SPI Solar, whose majority owner is LDK Solar, is a vertically integrated turnkey PV solar developer in the commercial, government and utility segments of the market.