SunPower to Sell Italian Solar Power Installation to Etrion
Tuesday, August 10th 2010 10:00 AM
By GetSolar Staff.
SunPower Corporation (NASDAQ: SPWRA, SPWRB) announced Monday that it has entered into an agreement with Geneva-based Etrion Corporation. SunPower will sell the Swiss firm the first two phases of its Montalto di Castro solar photovoltaic installation.
San Jose, California solar developer SunPower designed and built the 28-megawatt facility, completing construction on the first phase in 2009. The second phase was commissioned this month.
Etrion will pay 48 million euros ($63.5 million) for the installation. The company has already finished the acquisition of the first phase.
"The successful sale of the first phases of the Montalto solar park is an important milestone for SunPower," said SunPower president Howard Wenger in a press release. "The sale demonstrates our progress monetizing SunPower's European power plant pipeline of more than 1,200 megawatts 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."
SunPower has over 600 megawatts of U.S. and international solar installations, including 225 megawatts of capacity in Europe.
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