SunPower Completes Acquisition of SunRay

Solar-panel maker SunPower Corp. said Monday it completed its acquisition of SunRay Renewable Energy, a solar power plant developer with offices in Europe and the Middle East.

SunPower paid $263 million in cash and $14 million in promissory notes in the deal, which was announced in February.

As a result of the deal, SunPower expanded its project pipeline to include more than 1,200 megawatts of solar photovoltaic projects in different stages of development across Europe.

Shares rose 55 cents, or 3 percent, to $18.77 during morning trading. The stock has traded between $17.82 and $34 during the past year.

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