On closing of the transaction, SunPower will acquire a project pipeline of solar photovoltaic (PV) projects totaling more than 1,200MW in Italy, France, Israel, Spain, the UK 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.
Howard Wenger, president of SunPower’s utilities and power plants business group, said: “SunRay has a proven track record of developing bankable solar power plants in a complex environment. This acquisition is consistent with our company strategy to develop a strong brand and complementary channels to market. It also complements our European engineering, procurement and construction business that serves a broad range of development partners.”
Yoram Amiga, CEO of SunRay Group, said: “Our experience working with SunPower on Montalto and several other power plants in Italy convinced us that SunRay will be joining the global solar technology, performance and quality leader for solar power plants. Our combined experience globally will allow us to offer our customers reliable energy delivery at competitive prices. Denham has been a great partner, providing both capital and advice at an important stage in our company’s development. We are pleased to have worked with them.”
Total consideration for the acquisition is approximately $277m, including $235m in cash and $42m in a letter of credit and promissory notes. SunPower has sufficient cash to close the transaction and does not intend to raise equity capital to finance the acquisition, the company said.
