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SunPower to acquire SunRay for $277 million
U.S. solar-panel manufacturer SunPower has signed an agreement to acquire SunRay Renewable Energy and its existing solar projects for $277 million, both companies announced Thursday.
The maker of high-efficiency solar panels said approximately $235 million of the deal will be in cash, which SunPower announced it already has in hand, forgoing the need to raise equity capital to finance the deal. The remaining $42 million will be in the form of credit and promissory notes.
SunRay, a European solar-power company, might be best known for its completion in November of the 24-megawatt Montalto di Castro solar-photovoltaic power plant, the … Read more
