SunPower Corp. has closed a 195.2 million euro solar bond issuance associated with the company's 44 MW Montalto di Castro solar park in Italy.
The proceeds will be used to pay for the development and construction of the solar park, which is now complete and connected to the local electrical grid. SunPower also announced that the sale of the 44 MW solar park is scheduled to close before the end of this year.
‘This is the world's first publicly rated bond issue for a solar project, as well as Italy's first rated project bond,’ says Dennis Arriola, chief financial officer at SunPower. ‘It opens up a new global-scale pool of capital to fund solar projects beyond traditional project financing from banks.’
SOURCE: SunPower Corp.