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SunPower Acquires 1.5 GW Solar Assets

SunPower has announced the acquisition of 1.5 GW of US solar power plant development assets from Australia-based company Infigen Energy.

SunPower-2The acquisition was announced on SunPower’s website on Monday, and confirmed that SunPower would assume ownership of projects in a variety of stages of development across 11 US states.

Included in the acquisition are three projects totalling 55 MW with power purchase agreements (PPA) with Southern California Edison, located in Kern County, California, which are expected to now begin construction later this year with commercial operation expected to take place sometime in 2016.

The total sale amounts to $29.5 million (after tax and transaction costs), which will help Infigen record a post-tax profit on disposal of approximately $15 million in its financial-year 2015 financial statements. Infigen Energy may also receive up to an additional $30 million through an earn-out structure and other conditional payments.

According to SunPower, at least some of the projects represented in the deal will be offered for sale to 8point3 Energy Partners, the joint yieldco project SunPower undertook with First Solar.

“The magnitude of this acquisition speaks to SunPower’s financial strength as well as our expertise and leadership in global power plant development,” said Tom Werner, SunPower CEO and president. “It provides an expanded and geographically diverse portfolio of solar projects in the U.S. that may all be generating cost-effective, emission-free power by the end of this decade.”

“SunPower brings significant experience and proven technology to ultimately transform these development assets into high-performing solar power plant projects, designed to reliably deliver value over the long term,” said David Smith, CEO of Infigen Energy US. “Infigen is pleased to have completed this transaction with SunPower.”

“We expect this acquisition to deliver additional value to our shareholders through long-term power purchase agreements with leading energy buyers, while providing further growth opportunities for SunPower,” continued Werner.

 
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