SunPower Corporation agreed yesterday to acquire SunRay Renewable Energy, a European Solar Company for approximately $277 million.  SunPower will then expand its business in Europe and the Middle East.

According to the press release from SunPower, SunPower will acquire a project pipeline of solar photovoltaic projects totaling more that 1,200 megawatts in Italy, France, Israel, Spain the United Kingdom and Greece.  The pipeline consists of projects in various stages of development.

“SunRay has a proven track record of developing bankable solar power plants in a complex environment.” said Howard Wegner, president of SunPower’s utilities and power plants business group.  “This acquisition is consistent with our long term company strategy to develop a strong brand and complementary channels to market. SunRay’s exceptional team and pipeline will add to our significant internal investment in North American power plant development.”

“The SunRay Renewables team has proven itself unparalleled in its ability to develop, finance and construct world class solar projects, “said Scott Mackin, partner in Denham Capital.  “The marriage of that team with the superior technology of SunPower will create a formidable platform of new, socially and environmentally responsible and highly efficient solar PV projects in many countries around the world.”