SunPower, Etrion finalize sale of Italy's largest solar power park

Source: SunPower Corp. 

SunPower Corp.  (NASDAQ:SPWRA) (NASDAQ: SPWRB) announced that Etrion Corporation (TSX: ETX), an independent solar power producer, has completed the previously announced definitive sale and purchase agreements to acquire the equity in the first two phases of Montalto di Castro solar park, Italy's largest solar photovoltaic (PV) power park, for approximately euro 49 million. 

The acquisition of the 20-megawatt (MW) first phase of the project was completed in August and the acquisition of the 8 MW second phase was completed last week. 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 engineering, procurement and construction (EPC) revenue. 

"With the closing of this acquisition, we are well on our way to completing the monetization of 85 MWs in Italy this year," said SunPower CFO Dennis Arriola. "SunPower's world-leading technology and proven performance of more than 225 MWs of operational power plants in Europe has provided us with a strong set of potential financing partners, including many new participants to the solar market." 

SunPower designed and built the 28 MW Montalto di Castro solar park in the Lazio region of Italy near Rome, and will provide ongoing operations and maintenance services. The 20 MW first phase was connected to the grid in November 2009, several weeks ahead of schedule and was acquired by SunPower upon the acquisition of SunRay Renewable Energy in May of 2010. The 8 MW second phase was commissioned last month. An incremental 44 MW is planned to be completed and monetized by the end of this year, bringing the total scale of the solar park to 72 MW. 

The Montalto di Castro solar park uses high-efficiency SunPower solar panels, the most efficient panels commercially available, installed on a SunPower® 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 MW of solar power systems installed or under contract, including more than 225 MW of operational power plants in Europe.

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