As part of the acquisition SunPower will secure a 1.2 GW + project pipeline of solar photovoltaic (PV) projects in Italy, France, Israel, Spain, the UK and Greece.

The pipeline consists of solar projects in various stages of development. The parties anticipate closing the transaction, which is subject to customary closing conditions, in the first half of 2010.

Howard Wenger, President of SunPower’s utilities and power plants business group, says: “This acquisition … complements our European engineering, procurement and construction business that serves a broad range of development partners.

“We congratulate SunRay on receiving the European Solar Deal of the Year award today from Project Finance magazine for the largest solar PV power plant financed in 2009, the 24 MW Montalto power plant in Italy, which launched SunPower’s relationship with SunRay.

"This acquisition further demonstrates our confidence in the Italian market and regulatory environment, and will accelerate the growth of our European and Middle Eastern power plant business,” Wenger adds.