Today, SunPower Corp. announced that it has completed its acquisition of SunRay Renewable Energy. The acquisition enables SunPower to expand its project pipeline to include more than 1,200 megawatts (MW) of solar photovoltaic (PV) projects in various stages of development. SunRay Renewable, a leading European solar power plant developer, has offices in both Europe and the Middle East.
Howard Wenger, SunPower President, commented, “With this acquisition complete, SunPower is accelerating growth in the Italian market, and pursuing new opportunities in other parts of Europe and Middle East. The acquisition of SunRay provides us with strong visibility in the second half of 2010 and in 2011, and is consistent with our long-term company strategy to develop a strong brand and complementary channels to market.”
SunRay’s power plant development and project finance team consists of approximately 70 employees. The total consideration for the acquisition is approximately $277 million, including approximately $263 million in cash and $14 million in promissory notes.
SunRay CEO, Yoram Amiga, added, “We are pleased to join the global solar technology, performance and quality leader for solar power plants. The global experience of SunPower and SunRay combined benefits our customers with the delivery of reliable energy at competitive prices.”