SunPower announced that Etrion Corporation has signed a 48 million EUR definitive sale and purchase agreement to acquire the equity in the first two phases of the Montalto di Castro solar PV power park, the largest in Italy.

The acquisition of the 20 MW first phase of the project for 36 million EUR has been completed. The acquisition of the 8 MW second phase for 12 million EUR remains subject to standard closing conditions and is expected to close by the end of Q3 2010. SunPower will recognize the sale of the first phase of the project as a return of capital, and will recognize revenue on the sale of the second phase, including previously deferred EPC revenue, upon close of sale, which is expected by the end Q3 2010.

SunPower designed and built the 28 MW power plant in the Lazio region of Italy near Rome, and will provide ongoing operations and maintenance services. The first 20 MW were connected to the grid in November 2009, while the 8 MW second phase was commissioned this month.

[source: SunPower]