To serve as a platform for gaining market share in the Italian solar market, San Jose-based SunPower Corp., the solar cells, panels and systems subsidiary of Cypress Semiconductor, reported today that it is acquiring Faenza, Italy-based Solar Solutions, a solar systems integration and product distribution company.

The acquisition is expected close in Q1 of 2008 and to be accretive to SunPower’s non-GAAP net income in 2008.

Solar Solutions is a 14-person division of Combigas, a petroleum products trading firm, and distributes components such as solar panels and inverters, and offers turnkey solar power systems and standard system kits through dealers in Italy.

According to market research firm Navigant Consulting Inc.’s photovoltaic services program, Italy is potentially one of the fastest growing solar markets worldwide due to a combination of high electricity prices, abundant sunlight and attractive government incentives.

Marco Antonio Northland, general manager of SunPower’s European operations noted that Solar Solutions has been a SunPower customer since 2006.

“We believe that this acquisition will provide an important platform for SunPower to address both the solar power plant and rooftop markets in Italy. We plan to work with Solar Solutions to leverage the business systems and skill sets we have built in the U.S. market, where we are currently selling standardized systems to residential and commercial customers through a network of over 125 dealers, and to strengthen our capabilities to address the power plant segment as a turnkey contractor,” he explained in a statement.

Luca Bandini, CEO of Solar Solutions, added that the company plans to expand its footprint in the residential and small commercial sector through a professionally organized dealer network, and to directly serve as a turnkey contractor to the expanding power plant market and large commercial applications.

Financial terms of the deal have not been disclosed.

By: DocMemory
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