SunPower, which announced the offering of senior cash convertible debentures on Thursday, reached a definitive agreement last month to buy the project developer, active in Europe and the Middle East, including a 1.2 gigawatt solar photovoltaic project pipeline. The companies first hooked up on SunRay’s 24 megawatt Montalto project in Italy last year.
The acquisition – for $235m in cash and $42m in credit and promissory notes – is another example of how solar manufacturers are moving heavily into project development.
SunPower said at the time the acquisition was announced that it “has sufficient cash to close the transaction and does not intend to raise equity capital to finance the acquisition”.
