SunPower to build three solar power plants in Spain

San Jose, Calif.-based SunPower (Nasdaq: SPWR) announced a deal to build three solar power plants in Spain for Madrid's Naturener Group.

Financial terms of the contract were not disclosed.

SunPower, a subsidiary of Cypress Semiconductor (NYSE: CY), said the three plants, totaling 21 megawatts, would be constructed in the Castilla La Mancha region.

"We are pleased that the Spanish market continues its rapid adoption of solar power and that Naturener has chosen SunPower's innovative solar tracker technology as part of our turnkey solar solution," said Marco Antonio Northland, general manager of SunPower's European operations.

The company said its tracker system enables solar panels to automatically follow the sun throughout the day to maximize energy generation.

"We anticipate that these three solar power plants will be in operation by the summer of 2008 and will add them to our existing renewable portfolio of hydro and wind generation," said Rafael Sanchez-Castillo, CEO of Naturener Group.

Corporate affiliates of the Naturener Group will own the three plants located in Tinajeros, Manzanares and Almuradiel, covering a total of approximately 90 hectares.

SunPower said the projects are expected to be financed by a Spanish bank syndicate.

With this agreement, the company said it now has an aggregate of 140 MW in its tracker technology under contract or previously sold in Spain.

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