SunPower Closes PowerLight Acquisition

SunPower intends to file a registration statement with the United States Securities and Exchange Commission to register the shares of SunPower's common stock issued in connection with the acquisition for resale by PowerLight shareholders.

"Together, we plan to reduce the installed cost of a solar system by half over the next five years," said Tom Werner, SunPower CEO. "When we achieve that goal, we believe our solar systems will produce power that can compete with retail electric rates and become a mainstream energy resource."

As specified in the merger agreement, the total consideration for the acquisition is $265 million plus stock-based employee retention amounts totaling $67.5 million which vest over two to four years.

PowerLight is a wholly owned subsidiary of SunPower. In the U.S., Germany, Spain, Portugal, Italy, and Korea, PowerLight designs, develops, operates and maintains solar electric power plants ranging from one megawatt to more than 10 megawatts, including two of the world's largest solar electric power plants.