The acquisition of the first phase, worth 20-megawatts (MWs) was completed in August, while the purchase of the eight MW second phase was finalized last week.
SunPower says it 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 engineering, procurement and construction (EPC) revenue.
"With the closing of this acquisition, we are well on our way to completing the monetization of 85 MWs in Italy this year," said SunPower CFO Dennis Arriola. "SunPower’s world-leading technology and proven performance of more than 225 MWs of operational power plants in Europe has provided us with a strong set of potential financing partners, including many new participants to the solar market."
SunPower designed and built the 28 MW Montalto di Castro solar park in the Lazio region of Italy near Rome, and will provide ongoing operations and maintenance services. The 20 MW first phase was connected to the grid in November 2009 and was acquired by SunPower upon the acquisition of SunRay Renewable Energy this May. The eight MW second phase was commissioned last month.
An incremental 44 MW is planned to be completed and monetized by the end of this year, bringing the total scale of the solar park to 72 MW.