The total consideration for the acquisition is approximately $277m, including approximately $263m in cash and $14m in promissory notes.
Howard Wenger, president of SunPower’s utilities and power plants business group, said: “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.”
Yoram Amiga, CEO of SunRay, said: “We are pleased to join the global solar technology, performance and quality leader for solar power plants. The global experience of SunPower and SunRay combined benefits our customers with the delivery of reliable energy at competitive prices.”
