February 12, 2010 (FinancialWire) — SunPower Corp. (NASDAQ: SPWRA) said it has signed a definitive agreement to acquire SunRay Renewable Energy, a European solar power plant developer with offices in Europe and the Middle East.

Under the deal, SunPower will acquire SunRay from its shareholders, which includes its management and Denham Capital. Upon closing the transaction, SunPower will acquire a project pipeline of solar photovoltaic projects totaling more than 1,200 megawatts in Italy, France, Israel, Spain, the United Kingdom and Greece.

The pipeline consists of projects in various stages of development. SunRay’s power plant development and project finance team consists of around 70 employees.

The total consideration for the acquisition is around $277 million, including $235 million in cash and $42 million in a letter of credit and promissory notes.

SunPower said it has sufficient cash to close the transaction and does not plan to raise equity capital to finance the acquisition.

California-based SunPower designs and manufactures solar technology to residential, business, government and utility customers. The company has offices in North America, Europe, Australia and Asia.

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