The purchase will bolster the wave of investments in solar; it proves there’s a way to make profits. PowerLight had received about $20 million in backing from investors, including Bay Area Equity Fund and New Energies AG.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":2515,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"A"}']They are the two largest solar players in the valley, and complement each others business. SunPower, of San Jose, makes efficient panels, but needs to distribute them to installer-contractors. Berkeley’s PowerLight, a leading installer, will help grease that process. See Merc story by Sarah Tribble.
The deal includes $265 million immediately, and the $67.5 million balance to be paid in two to four years.
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