The agreements are associated with its previously announced solar bonds with BNP Paribas and Societe Generale, both located in Milan, Italy. The bonds are expected to be funded in December of this year.
"This financing agreement puts us one step closer toward accomplishing the industry’s first-of-its-kind solar bond," said 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."
The Montalto di Castro solar park is located in the Lazio region of Italy near Rome. The 20 MW first phase was connected to the grid last November, while the eight MW second phase was commissioned earlier this autumn. With the financing, the company hopes to install the last phases of the project, which would bring final capacity to 72 MWs.