SunPower gets funding for Italy solar power park

ROME

SunPower Corp. said Thursday that is has arranged financing for the second phase of a solar power plant in Viterbo, Italy, north of Rome, that is to generate more than 85 megawatts of power when it's complete.

SunPower has received 44.5 million euros ($54.6 million) for the Montalto di Castro solar photovoltaic power park, the largest in Italy, from Barclays Bank PLC.

The financing consists of a 40 million euro ($49 million) term loan and a short-term credit facility of 4.5 million euros ($5.5 million).

The park already is producing 24 megawatts, with another 8.8 megawatts coming on line in July.

The plant will produce a total of 85 megawatts when it's fully operational by year's end.

Shares of SunPower, a maker of solar power products based in San Jose, rose by $2.12, or 19.6 percent, to $12.92 in afternoon trading.