SunPower has signed loan agreements worth €195.2 million to finance the final two phases of the Montalto di Castro solar park in Lazio, Italy. The solar bonds are expected to be funded by the end of December and will help add 44MW to the facility, which will have a final capacity of 72MW.
“This financing agreement puts us one step closer toward accomplishing the industry's first-of-its-kind solar bond. 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,” said SunPower's chief finance officer, Dennis Arriola.
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The 20MW first phase of the Montalto di Castro park was connected to the grid in November 2009 and the 8MW second phase commissioned in October, when SunPower received a €200 million loan from BNP Paribas and Société Générale.
