Exhibit 10.2

 

 

Share Purchase Framework Agreement 

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Share Purchase Framework Agreement (I)

 

This Share Purchase Framework Agreement (hereinafter referred to as “Agreement”)
is signed in Shanghai, China on October 22, 2014 by and between:

 

Party A (Transferee): SPI Solar Power Suzhou Co., Ltd.

 

Party B (Transferor): ZhongNeng GuoDian New Energy Development and Investment
Jiangsu Co., Ltd.

 

Whereas each party, adhering to the principle of cooperation, equality and
mutual benefit and through friendly consultation, regarding the purchase of
shares, the parties hereby agree as follows:

 

Transferee

SPI Solar Power Suzhou Co., Ltd. or its designated affiliated parties, it
intends to acquire the related equity of target company (hereinafter referred to
as "the acquisition"). The affiliated parties in this agreement refer to any
"person" who has direct or indirect control of the person, or the person
controls, or any other company or entity controlled or jointly controlled with
the person. 

   

Transferor

ZhongNeng GuoDian New Energy Development and Investment Jiangsu Co., Ltd.

     

ZhongNeng GuoDian New Energy Development and Investment Jiangsu Co., Ltd. was
established on July 2, 2014 with 100% of its equity interest held by ZhongNeng
GuoDian Green Ecological Cooperation and Development Jiangsu Co., Ltd. The
registered/ paid up capital is RMB50 million and its registered address is 12
East Mozhou Road, Jiangnin District, Nanjin City. The legal representative of
ZhongNeng GuoDian New Energy Development and Investment Jiangsu Co., Ltd. is
Tian Chunde. The company’s business scope is as follows: investment in the
development and management of photovoltaic power station, wind power station,and
waste power plant; the research, manufacturing and marketing of new energy
equipment. (The project which needs the approval of relevant departments should
get the approval before carrying out business activities.)

 

 
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Share Purchase Framework Agreement 

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Target Company

The six project companies invested and constructed by ZhongNeng GuoDian New
Energy Development and Investment Jiangsu Co., Ltd. (Please refer to Annex I for
details).

 

Party A intends to acquire 100% equity of project companies owned by Party
B through this transaction.

   

Approvals

required for the

execution of

this Agreement

At the execution of this Agreement, Party A confirms that it has obtained all
the internal approvals and consents required for the consummation of the
Transaction.

 

At the execution of this Agreement, both the Party B and the Target Company
confirm that each of the Party B and the Target Company has received all the
internal approvals and consents required for the consummation of the
Transaction.

   

Final Agreement 

Terms

Both parties agree that the final legal document relating to the target
company’s acquisition should comply with the substantive and principled content
of the agreement.

   

Advance Payment

The advance payment for the purchase of shares of all project companies which
have project under construction except for 50MW project in Liangshan State,
Yanyuan County, Baiwu Town is RMB140,000,000, calculated based on the
assumptions that the internal rate of return is at least 10% based on projected
earnings after income tax assuming full investment is made. Party A shall pay
Party B or its designated third party on November 20, 2014.

 

 
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Share Purchase Framework Agreement 

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Undertakings

by Party B

Party B undertakes that, from the signing date of this agreement, it shall
continue to prepare, invest, construct and operate every project company in
order to ensure the the grid-connetion and power generation of each of the
project companies by the end of the March of 2015. Party
B undertakes that, before March 31, 2015 and except for 50MW project in
Liangshan State, Yanyuan County, Baiwu Town, all parties involved in the target
company shall sign the definitive “Share Transfer Agreement” of project
companies and decide the detailed terms of the equity transfer.

    Liability Clauses

In addition to that Party A fails to apply for the duration of the Agreement to
sign the Equity Transfer Agreement with relevant equity holders from the target
company (in this case, Party B has the right to terminate the Agreement and
shall refund in full prepayment of principal to Party A), whereas Party B fails
to apply for the duration of the Agreement to sign the Equity Transfer Agreement
with relevant equity holders from the target company, Party A has the right to
terminate the Agreement, and Party B shall refund in full prepayment of
principal and its interest calculated based on loan interest benchmark from the
same period of the Chinese People's Bank to Party A.

 

Confidentiality

The fact that this Agreement exists, the terms and conditions described herein,
and any information furnished in connection with the due diligence
investigation, shall constitute confidential information (the “Confidential
Information”). The parties hereto agree that none of the parties hereto may use
or disclose to any third party any Confidential Information, except in
connection with the audit (review), valuation, negotiations in relation to and
the implementation of the Transaction, or as required by any competent
government authorities, ministries or stock exchanges.

 

Any disclosure of this Agreement shall require the written confirmation from all
parties hereto.

 

 
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Share Purchase Framework Agreement

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Taxes and Expenses The taxes and expenses generated in the Agreement shall be
borne by each party.    

Others

The purchase of the six projects under construction could be conducted as a
whole, one by one or partially. It will not impact the other parts when the
purchase is implemented one by one or partially. The purchase of the target
company shall be no later than the deadline for signing
definitive “Share Transfer Agreement” of each project company as agreed in
this Agreement, regardless of whether it is implemented partially or as a whole.

    Miscellaneous

(1) This Agreement shall be governed by the laws of People’s Republic of China. 

 

(2) Any dispute arising from this Agreement shall first be resolved through
friendly consultations among the parties hereto. In case of a dispute that fails
to be settled through such consultations, any party may institute legal
proceedings before a competent court located in the place where such party is
domiciled.

 

(3) This Agreement shall be signed and sealed by all the parties hereto, and
shall be executed in six counterparts with equal legal force, two for each
party.

  

(Following text is just for signing)

 

 
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Share Purchase Framework Agreement

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(This is the signature page)

 

Party A: SPI Solar Power Suzhou Co., Ltd.

 

Legal representative or authorized representative：(affixed with company seal)

 

October 22, 2014

 

Party B: ZhongNeng GuoDian New Energy Development and Investment Jiangsu Co.,
Ltd.

 

Legal representative or authorized representative：(affixed with company seal)

 

October 22, 2014

 

 
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Share Purchase Framework Agreement

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Annex Ⅰ

 

No.

Location

Scale

Project Companies

1

Linxi County,

Chifeng City,

Inner Mongolia

40MW

ZhongNeng GuoDian New Energy Science and Technology Inner Mongolia Co., Ltd.

2

Kerqinzuo 

Banner Inner 

Mongolia

60MW

Guodian Kerqinzuo Banner Photovoltaic Power Generation Co., Ltd.

3

Shangdu County

Inner Mongolia

50MW

Guodian Shangdu Second Photovoltaic Power Generation Co., Ltd.

4

Chahaer Banner

Inner Mongolia

30MW

Guodian Chahaer Banner Second Photovoltaic Power Generation Co., Ltd.

5

Zhongwei City

Ningxia Hui 

Autonomous 

Region

130MW

 Zhongwei Tianyun New Energy Science and Technology Co., Ltd.

6

Liangshan State

Yanyuan County

Baiwu Town

Sichuan Province

50 MW

Sichuan Zhongwei New Energy Science and Technology Co., Ltd.

 

 

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