SunPower Corp., a San Jose Calif.-based manufacturer of solar cells and panels, has signed a definitive agreement to acquire PowerLight Corp., a privately owned provider of large-scale and residential solar power systems headquartered in Berkeley, Calif.
‘Together we plan to develop the next generation of solar products and solutions that accelerate solar system cost reductions and radically simplify and improve the solar customer experience,’ says Tom Dinwoodie, PowerLight's chief executive officer.
Tom Werner, SunPower's chief executive officer, adds, ‘PowerLight is one of the premier system integrators worldwide and presents us with a downstream investment opportunity that will accelerate SunPower's revenue growth while meeting our long-term financial model.’
The companies anticipate the transaction will be complete in the first quarter of 2007.
