SunPower Corp. has signed a definitive agreement to acquire SunRay Renewable Energy, a solar power plant developer with offices in Europe and the Middle East. SunPower will acquire SunRay from its shareholders, which includes its management and Denham Capital.
Upon closing the transaction, SunPower says it will acquire a project pipeline of solar photovoltaic projects totaling more than 1,200 MW in Italy, France, Israel, Spain, the U.K. and Greece. The pipeline consists of projects in various stages of development. SunRay's power plant development and project finance team consists of approximately 70 employees.
SOURCE: SunPower Corp.
