SunPower Corp. says that Etrion Corp., an independent solar power producer, has completed the previously announced definitive sale and purchase agreements to acquire the equity in the first two phases of the Montalto di Castro solar park, Italy's largest solar photovoltaic power park, for approximately 49 million euros.
The acquisition of the 20 MW first phase of the project was completed in August, and the acquisition of the 8 MW second phase was completed last week. SunPower says it will recognize the sale of the first phase of the project as a return of capital and will recognize revenue on the sale of the second phase, including previously deferred engineering, procurement and construction revenue.
‘With the closing of this acquisition, we are well on our way to completing the monetization of 85 MW in Italy this year,’ states Dennis Arriola, chief financial officer of SunPower.
SOURCE: SunPower Corp.