San Jose, California [RenewableEnergyAccess.com] SunPower Corporation, a manufacturer of solar cells and panels, announced today that it has signed a definitive agreement to acquire PowerLight Corporation, a global provider of large-scale solar power systems. The deal is valued at $332.5 million.According to SunPower and PowerLight executives speaking on a conference call this morning, the acquisition will accelerate product innovation, simplify manufacturing and installation processes and lower installation costs by 50% in 6 years. “We’re focused on and driven to reduced costs so that we can compete with retail electric rates,” said Tom Werner, CEO of SunPower. “When we close this transaction, the combined entity will extend its leadership position in key applications and markets. We will apply our technology leadership across the value chain…radically simplifying the customer experience.” According to Peter Aschenbrenner, Vice President of Sales and Marketing at SunPower, the combined companies will focus roughly a third of their business on the residential market, a third on the commercial market, and a third on large-scale power plants. When asked about how the acquisition will affect PowerLight’s current business relationships with other module manufacturers, PowerLight CEO Tom Dinwoodie said, “we will continue to multi-source and nurture those relationships. We have many long-term contracts and will continue with those.” Total consideration for the acquisition is $265 million upfront plus a retention carve-out of $67.5 million over 2 to 4 years. The aggregate consideration consists of approximately $130 million in cash and $202 million in stock. Following conclusion of the transaction, the combined company will have approximately 1,600 employees in 10 sales offices and 4 manufacturing locations worldwide. As of 11:40 EST, the market seemed to be responding with mild enthusiasm, with SunPower (SPWR) stock up 1.06%.