SunPower Corp. announced that it has signed an agreement to acquire SunRay Renewable Energy for a total consideration of approximately $277 million. SunRay is a leading developer of solar power plants in Europe with offices in the Middle East and Europe.
SunPower will acquire SunRay’s project office in Rome along with its project pipeline comprising more that 1,200 MW of solar PV projects in the United Kingdom, Greece, Spain, Italy, France, and Israel. About 70 employees are in SunRay's project finance and project development team.
President of SunPower's utilities and power plants business group, Howard Wenger, said SunRay is capable of developing solar projects in a complicated environment. The acquisition aligns perfectly with SunPower's long-term development strategy, Wenger added. The company’s internal investment for power plant development in North America is enhanced with the addition of SunRay’s team and project pipeline.
While congratulating SunRay for the European Solar Deal of the Year award it received, Wenger said, throughout Europe, the company has utility-scale projects in its pipeline. SunRay received the award from Project Finance magazine for financing the largest solar PV power plant in 2009 located in Italy. Wenger hoped the acquisition will speed up the company’s power plant business in Europe and Middle East.
Yoram Amiga, CEO of SunRay Group, said the combined experience of both the companies will provide benefit to its customers through the delivery of energy at competitive prices.