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SunPower To Acquire PowerLight

SunPower Corporation yesterday announced it has signed a definitive agreement to acquire PowerLight Corp.

The acquisition of PowerLight by SunPower could total over $330 million in cash and stock.

"Together, SunPower and PowerLight aim to accelerate the reduction of solar power costs to compete with retail electric rates without incentives," said Tom Werner, SunPower CEO, in a press release about the acquisition deal.

SunPower is a Silicon Valley-based manufacturer of commercially available solar cells and solar panels. SunPower's IPO in 2005 drew considerable investor attention to the solar energy and renewables sector.

PowerLight is a privately owned solar systems provider based in Berkeley, Calif. PowerLight supplied the PV modules for a large, widely publicized "solar park" in Germany.

SunPower is NASDAQ:SPWR.