SunPower Corp. has announced that it signed a definitive agreement to acquire SunRay Renewable Energy increasing its project portfolio by more than 1,200 MW covering Europe and the Middle East. SunPower will acquire SunRay from its shareholders, which includes its management and Denham Capital, who recently announced it would invest $108 million in geothermal developer Vulcan Power Co. bringing Denhamps total investment in Vulcan to $166 million (Denham Capital Invests $108M in Geothermal).
Upon closing the transaction, SunPower will acquire a project pipeline of solar photovoltaic (PV) projects totaling more than 1,200 MW in Italy, France, Israel, Spain, the UK, and Greece totaling about $277 million. The pipeline consists of projects in various stages of development. SunRay’s power plant development and project finance team consists of approximately 70 employees.
J.P. Morgan Securities Inc. is acting as exclusive financial advisor to SunPower with regard to this transaction and provided a fairness opinion regarding the acquisition to its board of directors.
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