U.S. solar-panel manufacturer SunPower has signed an agreement to acquire SunRay Renewable Energy and its existing solar projects for $277 million, both companies announced Thursday.
The maker of high-efficiency solar panels said approximately $235 million of the deal will be in cash, which SunPower announced it already has in hand, forgoing the need to raise equity capital to finance the deal. The remaining $42 million will be in the form of credit and promissory notes.