SunPower Sells 44 MW Solar Plant - Analyst Blog

SunPower Corp. (SPWRA) recently completed the sale of its 44 megawatt Montalto di Castro solar park to a consortium of international investors that include MetLife Inc. (MET), Fondo PPP Italia and Voigt & Collegen.

The Montalto di Castro solar park, located in the Lazio region of Italy near Rome, was designed and built by SunPower. The company said it will continue to provide ongoing operations and maintenance services to the new owners.

With the completion and sale of this 44 megawatt (MW) power plant, SunPower has met the goal of developing, constructing and monetizing 72 megawatts from the Montalto di Castro solar park. 

SunPower constructed the Montalto di Castro solar park in four phases. The plant's first 20-MW phase was connected to the grid in November 2009, several weeks ahead of schedule. The 8-MW second phase was commissioned earlier this fall, and the third and fourth phases, of the plant totaling 44 MW, were completed earlier this month. SunPower financed the development and construction of the third and fourth phases with proceeds from the solar industry's first-of-its-kind solar bond. 

Headquartered in San Jose, California, SunPower designs, develops, manufactures, markets and sells high-performance solar electric power technology products, systems and services worldwide for residential, commercial and utility-scale power plant customers. The company's semiconductor-based solar cells and solar panels, which convert sunlight into electricity, are manufactured using proprietary processes and technologies.

SunPower's customer base is spread across North America, Europe, the Middle East, Asia and Australia. The company is proactive in entering new markets. By the end of fiscal 2011, the company expects its global dealer network to almost double to around 2,000 dealers.

SunPower currently has a short term Zacks #3 Rank (Hold). We maintain our Neutral recommendation on SunPower shares.