SunPower (SPWRA) To Acquire SunRay

SunPower just announced that it has signed an agreement to acquire SunRay Renewable Energy from its shareholders. SunRay is a leading European solar power plant developer with a project pipeline of more than 1,200 megawatts (MW) in different stages of development.

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

“SunRay has a proven track record of developing bankable solar power plants in a complex environment.

This acquisition is consistent with our long-term company strategy to develop a strong brand and complementary channels to market. SunRay’s exceptional team and pipeline will add to our significant internal investment in North American power plant development. It also complements our European engineering, procurement and construction business that serves a broad range of development partners.”

SunPower is paying approximately $277 million for the acquisition, including $235 million in cash and $42 million in a letter of credit and promissory notes. SunPower will be able to use existing cash to complete the acquisition without raising equity capital. The transaction should be completed in the first half of this year.

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