The loan agreements are associated with solar bonds that SunPower secured previously from BNP Paribas and Societe Generale and these solar bonds are expected to be funded in December of this year.
SunPower, which has completed construction and will provide operations and maintenance of these power plants, intends to sell the equity in these parks, all before the end of this year, consistent with its fourth-quarter revenue and earnings guidance.
SunPower developed and connected the 20MW first phase of the Montalto di Castro solar park, located in the Lazio region of Italy near Rome, to the grid in November 2009, and commissioned the 8MW second phase earlier this fall.
With the completion of the third and fourth phases, totaling the 44MW SunPower will bring the total scale of the project to 72MW.
SunPower chief financial officer Dennis Arriola said that this financing agreement puts SunPower one step closer toward accomplishing the industry’s first-of-its-kind solar bond and the company is on track to close the debt financing.
