SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced that Etrion Corporation (TSX: ETX), an independent solar power producer, has signed a euro 48 million definitive sale and purchase agreement to acquire the equity in the first two phases of the Montalto di Castro solar photovoltaic (PV) power park, the largest in Italy.
SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced that Etrion
Corporation (TSX: ETX), an independent solar power producer, has signed a euro
48 million definitive sale and purchase agreement to acquire the equity in the
first two phases of the Montalto di Castro solar photovoltaic (PV) power park,
the largest in Italy.
The acquisition of the 20-megawatt (MW) first phase of the project for euro 36
million has been completed. The acquisition of the 8 MW second phase for euro
12 million remains subject to standard closing conditions and is expected to
close by the end of the third quarter, 2010. SunPower will recognize the sale
of the first phase of the project as a return of capital, and will recognize
revenue on the sale of the second phase, including previously deferred EPC revenue,
upon close of sale, which is expected by the end of the third quarter, 2010.
SunPower designed and built the 28 MW power plant in the Lazio region of
Italy
near
Rome
, and
will provide ongoing operations and maintenance services. The first 20 MW were
connected to the grid in November 2009, several weeks ahead of schedule. The 8
MW second phase was commissioned this month. An incremental 44 MW is planned to
be completed and sold by the end of this year, bringing the total to 72 MW. The
Montalto solar park's first and second phases are rated at 28 MW on an AC basis
and 33 MW on a DC basis.
"The successful sale of the first phases of the Montalto solar park is an
important milestone for SunPower," said SunPower President Howard Wenger. "The
sale demonstrates our progress monetizing SunPower's European power plant
pipeline of more than 1,200 MW that we acquired with the purchase of SunRay
Energy in March 2010, and it helps validate our model of building and selling
first-class solar power parks. Our expanding utility and power plant business
provides us with strong revenue visibility in
Europe
, the
Middle
East
and
North America
through 2014."
"Successful closure of this transaction is a tribute to the professional
skills of our project sales team," said Yoram Amiga, CEO of SunRay Energy,
a SunPower company. "Financiers recognize SunPower's superior quality,
reliability and performance as we serve local communities with clean, renewable
power. We intend to complete construction of an incremental 280 MW of Italian
power plants by the end of 2011."
The Montalto di Castro park uses high-efficiency SunPower solar panels, the
most efficient panels commercially available, installed on a SunPower(R)
Tracker system. The Tracker follows the sun during the day and delivers up to
25 percent more energy than fixed-tilt systems, while significantly reducing
land use requirements.
Worldwide, SunPower has more than 600 megawatts of solar power systems
installed or under contract, including more than 225 megawatts of operational
power plants in
Europe
.
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