SunPower (SPWRA) Completes Acquisition Of SunRay

Posted by Tate Dwinnell | # |
08:53:09 am on March 29, 2010

Sunpower just announced that it has completed its acquisition of SunRay Renewable Energy, a solar power plant developer based in Europe with offices in the Middle East. The acquisition over 1,200 megawatts of solar photovoltaic (PV) projects to SunPower’s project pipeline. The projects are all in different stages of development and are located in Italy, France, Israel, Spain, the United Kingdom and Greece.

In a press release, Howard Wenger, president of SunPower’s utilities and power plants business group, commented on the acquisition:

“With this acquisition complete, SunPower is accelerating growth in the Italian market, and pursuing new opportunities in other parts of Europe and Middle East. The acquisition of SunRay provides us with strong visibility in the second half of 2010 and in 2011, and is consistent with our long-term company strategy to develop a strong brand and complementary channels to market.”

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