OREANDA-NEWS. January 16, 2015. SPI Solar Inc. agreed to pay USD 33.1 million to buy a Chinese company's photovoltaic project with a capacity of 20 megawatts per year.

The purchase is in cash and factor financing. Factoring is lending based on future receivables.

The TBEA Sunoasis project is in the Ningxia Hui Autonomous Region of China. SPI  has committed to buy and develop numerous projects in China, where the government is driving an aggressive push to solar.

This purchase is part of the agreement SPI announced in November where it will acquire 168.5 megawatts of solar projects across China over the next year from TBEA Sunoasis.

TBEA Sunoasis, based in Urumqi, China, was founded in 2000. It does research and manufactures solar photovoltaic products and systems. It is developing projects in Gansu Province, Xinjiang Region, Inner Mongolia Region and Qinghai Province. All of those projects are connecting to the grid by the end of 2015.

Roseville-based SPI struggled f or years when the economy was slack and financing disappeared, but the company has come roaring back with new financing and lots of projects.