SunPower Corp. has officially completed its acquisition of a leading European solar power plant developer as it seeks to expand its business to include projects across the Atlantic Ocean.

The San Jose-based solar technology company announced it had finalized the acquisition of SunRay Renewable Energy for approximately $277 million on Monday. SunRay CEO Yoram Amiga commented the combination of the two companies would make it easier for reliable renewable and solar energy to make its way to customers around the world at competitive prices.

Along with the acquisition, SunPower will expand it project pipeline to include 1,200 megawatts worth of solar energy projects across Europe, including installations in France, Italy, Spain, and the United Kingdom.

"With this acquisition complete, SunPower is accelerating growth in the Italian market, and pursuing new opportunities in other parts of Europe and Middle East," said Howard Wenger, president of SunPower's utilities and power plants business group. "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."

SunPower was founded in 1985 and currently had offices in Europe, Australia, and Asia in addition to its San Jose headquarters.