SunPower Corp. (NASDAQ: SPWRA, SPRWRB) will officially acquire European solar plant developer SunRay Renewable Energy in a $277 million deal expected to close in the first half of 2010. The companies have signed a “definitive agreement” under which SunPower will take on SunRay’s current project pipeline, which represents 1,200 MW of solar energy development. SunRay’s in-development projects are scattered across France, Spain, Italy (where SunRay’s head project office is located), the U.K., Israel and Greece. SunPower already has offices in Switzerland, Germany, Italy, and Spain.

Howard Wenger, president of SunPower’s Global Business Units, says that acquiring SunRay is completely in keeping with SunPower’s market development goals. He says,

SunRay has a proven track record of developing bankable solar power plants in a complex environment…SunRay’s exceptional team and pipeline will add to our significant internal investment in North American power plant development. It also complements our European engineering, procurement and construction business that serves a broad range of development partners…This acquisition further demonstrates our confidence in the Italian market and regulatory environment, and will accelerate the growth of our European and Middle Eastern power plant business.

For their part, SunRay sounds optimistic about the acquisition as well. CEO Yoram Amiga says, “Our combined experience globally will allow us to offer our customers reliable energy delivery at competitive prices.” The two companies have worked together previously on projects in Europe, starting with a 24 MW power plant in Italy.

See the official press release here.

“SunRay has developed an impressive pipeline of utility scale projects throughout Europe,” continued Wenger. “We congratulate SunRay on receiving the European Solar Deal of the Year award today from Project Finance magazine for the largest solar PV power plant financed in 2009, the 24 MW Montalto power plant in Italy, which launched SunPower’s relationship with SunRay. This acquisition further demonstrates our confidence in the Italian market and regulatory environment, and will accelerate the growth of our European and Middle Eastern power plant business.. This acquisition further demonstrates our confidence in the Italian market and regulatory environment, and will accelerate the growth of our European and Middle Eastern power plant business.”