SPI Signs Major Solar Agreement to Power Greece’s Clean Energy Future
April 2012 — Roseville, California
Solar Power, Inc. (SPI), a leading U.S.-based developer of photovoltaic (PV) systems, announced it signed a Memorandum of Understanding (MOU) to develop up to 100 megawatts (MW) of solar power projects in Greece. This strategic move marked a major step in expanding SPI’s international footprint—and helped propel Greece toward a more sustainable energy future.
Even better, the agreement came at a time when Greece was seeking new investments in clean technology to meet its EU-mandated renewable energy targets.
Building Clean Energy Through Global Partnerships
The MOU was signed with Thessaloniki-based YES Solar Systems S.A., a company with strong regional connections and expertise in renewable deployment. Under the agreement, both companies planned to co-develop, finance, and construct utility-scale solar installations across multiple Greek regions.
As part of the deal, SPI would provide engineering, procurement, and construction (EPC) services, as well as its proprietary solar modules and system components.
“We are excited to expand our business into southern Europe,” said Stephen Kircher, Chairman and CEO of SPI. “This agreement reflects our ability to form high-value international partnerships that bring real results.”
Why Greece? A Solar Market Poised for Growth
At the time, Greece’s feed-in tariff (FiT) program made it one of the most promising solar markets in Europe. Despite ongoing economic challenges, solar energy remained a national priority—both for its climate benefits and its job-creating potential.
Greece aimed to generate 20% of its electricity from renewable sources by 2020, in line with the European Union’s 20-20-20 goals. Therefore, large-scale PV projects like those backed by SPI were essential to meet this target.
Additionally, Greece enjoys some of the highest solar irradiation levels in Europe, making it an ideal location for photovoltaic investment.
Next Steps: Project Pipeline and Execution
According to the MOU, the companies intended to begin project planning immediately, with construction expected to start later that year. SPI and YES Solar Systems would work closely with Greek regulators and local utilities to ensure all installations met environmental and grid-connection requirements.
The projects—ranging in size from 2 MW to 10 MW per site—would not only deliver clean electricity to thousands of Greek homes and businesses, but also stimulate local economic growth through engineering, construction, and long-term maintenance jobs.
Why It Matters
By entering the Greek solar market, SPI reinforced its role as a global clean energy leader. This MOU symbolized the kind of cross-border collaboration that’s necessary to accelerate the global shift to renewable energy.
For Greece, the partnership offered a critical opportunity: a chance to move toward energy independence, create green jobs, and reduce carbon emissions—all while meeting its European climate obligations.
Sources:
- Solar Power, Inc. Press Release Archive – https://www.solarpowerinc.net
- European Commission – Renewable Energy Targets – https://energy.ec.europa.eu
- Reuters – Greece Feed-in Tariff Updates (2012) – https://www.reuters.com
