SunPower Signs Agreement to Acquire Italian Systems Integrator
Solar Solutions to Serve as Platform for Expansion into Italian Market
SAN JOSE, Calif., Dec 13, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced it has signed a definitive agreement to acquire Solar Solutions, a solar systems integration and product distribution company based in Faenza, Italy. The acquisition is expected close in Q1 of 2008 and to be accretive to non-GAAP net income in 2008.
Solar Solutions is a 14-person division of Combigas, a petroleum products trading firm. Active since 2002, Solar Solutions distributes components such as solar panels and inverters, and offers turnkey solar power systems and standard system kits via a network of dealers throughout Italy. According to Navigant Consulting, Inc.'s PV Services Program, an independent, global market research firm, Italy is potentially one of the fastest growing solar markets worldwide due to a combination of high electricity prices, abundant sunlight and attractive government incentives.
"Solar Solutions has been a SunPower customer since 2006," said Marco Antonio Northland, general manager of SunPower's European Operations. "We have gained a strong appreciation for the Solar Solutions team and their system integration and product distribution capabilities. We believe that this acquisition will provide an important platform for SunPower to address both the solar power plant and rooftop markets in Italy. We plan to work with Solar Solutions to leverage the business systems and skill sets we have built in the US market, where we are currently selling standardized systems to residential and commercial customers through a network of over 125 dealers, and to strengthen our capabilities to address the power plant segment as a turnkey contractor."
Luca Bandini, CEO of Solar Solutions, added: "The employees and management of Solar Solutions are extremely excited at the prospect of joining SunPower Corp., one of the world's leading solar companies. We know from experience that SunPower's products have already established a strong reputation for quality and performance in the Italian market, and we look forward to offering its full range of high performance customer solutions. We plan to expand our footprint in the residential and small commercial sector through a professionally organized dealer network, and to directly serve as a turnkey contractor to the expanding power plant market and large commercial applications."
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