California, United States [RenewableEnergyWorld.com] SunPower Corp. announced today that it has completed its acquisition of SunRay Renewable Energy, a leading European solar power plant developer with offices in Europe and the Middle East. As a result, SunPower has expanded its project pipeline to include more than 1,200 megawatts (MW) of solar photovoltaic (PV) projects in various stages of development in Italy, France, Israel, Spain, the United Kingdom and Greece.
SunRay’s power plant development and project finance team consists of approximately 70 employees.
“With this acquisition complete, SunPower is accelerating growth in the Italian market, and pursuing new opportunities in other parts of Europe and Middle East,” said Howard Wenger, president of SunPower’s utilities and power plants business group. “
The total consideration for the acquisition is approximately $277 million, including approximately $263 million in cash and $14 million in promissory notes.