SPI Energy Co., Ltd.’s (NASDAQ: SPI) subsidiary SPI Solar Inc. said that it has secured about 473 acres across three parcels to develop a utility-scale solar project in Maryland. Shares of SPI rose 1.3% at the time of writing.
The company engages in the provision of photovoltaic (PV) solutions for commercial, residential, government, and utility customers and investors.
SPI Energy said that the 78 megawatts (MW) (AC)/117MW (DC) project is anticipated to produce 187,941MW hours (“MWh”) of electricity in its first full year of operation, the equivalent electricity needed to offset CO2 emissions of 16,000 homes annually.
The Chairman and CEO of SPI Energy, Xiaofeng Denton Peng, said, “This is a significant project for SPI Solar and demonstrates our ability to generate meaningful impact in CO2 emissions reduction with solar technologies.”
The stock has a Moderate Buy consensus rating based on 1 Buy. The SPI Energy stock price prediction of $12 implies 287.1% upside potential from current levels. Shares of the company have declined 65.1% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on SPI Energy, as 2% of investors on TipRanks increased their exposure to SPI stock over the past seven days.
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