Construction on the solar plant will start this year and is expected to be completed in April 2011.
SunPower will mount SunPower E19 solar panels on the SunPower® T0 Tracker system.
Loan agreement for 44 MW in Italy
SunPower Corp has also signed loan agreements associated with its previously announced solar bonds with BNP Paribas and Societe Generale, both located in Milan, Italy.
As part of this financing, a SunPower subsidiary has borrowed €195.2 million to finance the final two phases of the Montalto di Castro solar park, which will total 44 MW.
The solar bonds are expected to be funded this month.
SunPower has completed construction of the solar power plants and will provide operations and maintenance. It intends to complete its equity sale before the end of 2010.
"This financing agreement puts us one step closer toward accomplishing the industry's first-of-its-kind solar bond," says Dennis Arriola, SunPower CFO.
"We are on track to close the debt financing and sell the equity in these parks, all before the end of this year, consistent with our fourth-quarter revenue and earnings guidance."