SunPower Finalizes Acquisition of SunRay

SunPower Corp. has completed its acquisition of SunRay Renewable Energy, a 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 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.”

The total consideration for the acquisition, which was originally announced in February, is approximately $277 million, including approximately $263 million in cash and $14 million in promissory notes.

“We are pleased to join the global solar technology, performance and quality leader for solar power plants,” said Yoram Amiga, CEO of SunRay. “The global experience of SunPower and SunRay combined benefits our customers with the delivery of reliable energy at competitive prices.”

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