SunPower Finalizes Acquisition Of SunRay

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SunPower Corp. has completed its acquisition of SunRay Renewable Energy, a solar power plant developer with offices in Europe and the Middle East.

As a result, SunPower has expanded its project pipeline to include more than 1,200 MW of solar photovoltaic projects in various stages of development in Italy, France, Israel, Spain, the U.K. and Greece. SunRay's power plant development and project finance team consists of approximately 70 employees.

The total consideration for the acquisition is approximately $277 million, including approximately $263 million in cash and $14 million in promissory notes.

SOURCE: SunPower

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