Simpson Thacher Represents JPMorgan as Financial Advisor to SunPower in its Acquisition of SunRay
02.12.10
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The Firm is representing JPMorgan as financial advisor to SunPower Corp. in its acquisition of SunRay Renewable Energy. SunPower will acquire SunRay from its shareholders, which include SunRay’s management and Denham Capital. The total consideration for the acquisition is approximately $277 million, including $235 million in cash and $42 million in a letter of credit and promissory notes. 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. Subject to customary closing conditions, the deal is expected to close in the first half of 2010.
SunPower Corp. designs, manufactures and delivers some of the most powerful solar technology broadly available today. SunRay Renewable Energy is a leading European solar power plant developer.
The Simpson Thacher team includes Rob Spatt, Brian Stadler and Alfredo Porretti.