SunRay Renewable Energy, which currently has offices across Europe and in the Middle East, will be acquired by the San Jose, California-based solar energy company for approximately $277 million in a deal that should be completed by mid-year.
Once finalized, SunPower will assume control of SunRay's project pipeline of solar photovoltaic projects that include constructions in various stages of development in Italy, France, Israel, Spain, the United Kingdom and Greece.
Howard Wagner, the president of SunPower's utilities and power plants business group, said that the projects inherited from SunRay would act as an investment for Sun Power's stateside operations while also complimenting its attempt to spread across the pond into Europe as well.
"SunRay has a proven track record of developing bankable solar power plants in a complex environment," said Howard Wenger, "This acquisition is consistent with our long-term company strategy to develop a strong brand and complementary channels to market.
Prior to the acquisition, both solar energy companies had worked together on solar power plants in Montalto as well as other projects in Italy.
