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SunPower Closes SunRay Renewable Acqusition

SunPower Corp. (Nasdaq: SPWRA) has completed its acquisition of SunRay Renewable Energy, a Malta-based developer of European solar energy projects. The deal was valued at approximately $277 million, including $235 million in cash and $42 million in a letter of credit and promissory notes. Last year, SunRay received a $200 million equity commitment from Denham Capital Management.

PRESS RELEASE

SunPower Corp. ( SPWRA, SPWRB) today announced that it has completed its acquisition of SunRay Renewable Energy, a leading European solar power plant developer with offices in Europe and the Middle East. As a result, SunPower has expanded its project pipeline to include more than 1,200 megawatts (MW) of solar photovoltaic (PV) projects in various stages of development in Italy, France, Israel, Spain, the United Kingdom and Greece. SunRay’s power plant development and project finance team consists of approximately 70 employees.

“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.”

“We are pleased to join the global solar technology, performance and quality leader for solar power plants,” said Yoram Amiga, CEO of SunRay. “The global experience of SunPower and SunRay combined benefits our customers with the delivery of reliable energy at competitive prices.”  

The total consideration for the acquisition is approximately $277 million, including approximately $263 million in cash and $14 million in promissory notes.

About SunPower

Founded in 1985, SunPower Corp. ( SPWRA, SPWRB) designs, manufactures and delivers the planet’s most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company’s experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.