Mar 29 2010
With its acquisition of the SunRay Renewable Energy being finalized, SunPower Corp. has enlarged its product pipeline substantially with the addition of over 1,200 MW of solar photovoltaic projects in different stages of development in Greece, the United Kingdom, Spain, Israel, France, and Italy. The project finance and power plant development team of SunRay comprises about 70 employees.
President of SunPower's utilities and power plants business group, Howard Wenger, said the growth of the company is being accelerated in the Italian solar market with the finalization of this acquisition. New opportunities are being pursued by the company in other parts of Middle East and Europe. The acquisition of SunRay Renewable is in line with the company’s long-term growth strategy and will provide increased revenues in 2010 second half and in 2011, Wenger said.
CEO of SunRay, Yoram Amiga, said the company is pleased to join with a global company. The combined experience of both the companies will provide competitively priced, reliable renewable energy to its customers, Amiga said. The transaction was valued about $277 million, out of which $14 million in promissory notes and about $263 million in cash.