CIG has been informed of a recent announcement by U.S. solar energy giant SunPower, saying that it has just acquired Italian solar specialist firm SunRay Renewable Energy for $277 million in a move that will substantially boost its presence in both the European and Middle Eastern sectors.
SunPower confirmed the signing of a definitive agreement for the purchase of the Italian firm as well as its pipeline of solar photovoltaic projects totaling over 1,200MW of capacity in Italy, France, Israel and other European countries.
The deal which is still subject to regulatory approval and which is expected to close during the first half of this year will see SunPower paying $235 in cash and $42 in a letter of credit and promissory notes. CIG believes that SunPower has indicated that it will not be seeking to raise any additional capital to complete the acquisition as it has sufficient cash on hand.
"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," CIG believes the chief executive of SunRay Group was recently quoted as saying. "Our combined experience globally will allow us to offer our customers reliable energy delivery at competitive prices.”
