SunPower To Build 7 Solar Power Plants In Italy

On the heels of finalizing its deal earlier this week to acquire European solar project developer SunRay, SunPower (SPWRA, SPWRB:NASDAQ) announced today that it will be building 7 solar power plants in the Sicily region of Italy. The solar photovoltaic plants will range in size from 1 to 3.5 megawatts (MW) and will have a combined output of 16.5 MW.Work on the projects should be beginning fairly soon as SunPower expects to complete the jobs by September 2010. And instead of installing their T0 Tracker systems on the usual flat areas, SunPower commented that their fixed tilt systems will implemented on 65 hectares that includes steep slopes and uneven terrain.
Financing for the project will be provided by Societe Generale, Unicredit Medio Credito Centrale and Dexia along with other Italian and international banks.In an article earlier this week discussing SunPower’s acquisition of SunRay, The Alarm:Clock mentioned how solar projects come to fruition much quicker in Europe versus ones in the United States. And with reductions in Italy’s feed-in tariff program expected at the end of this year and major players like First Solar (FSLR:NASDAQ) and Suntech Power (STP:NYSE) focusing their efforts on “the boot”, more announcements of new power plants should be expected over the next few months.
Despite the good news, shares of SunPower were down 1.7 percent in early afternoon trading. Shares of First Solar were down 0.01 percent while Suntech was off 1.5 percent.