The electronic spectrum of cyclopropene has been studied using multiconfigurational second-order perturbation theory (CASPT2) with extended ANO-type basis sets. The calculation comprises two valence states and the 3s, 3p, 3d members of the Rydberg series converging to the pi and sigma ionization limits. A total of twenty singlet and twenty triplet excited states have been analyzed. The results confirm the valence nature of the lowest energy singlet-singlet band and yield a conclusive assignment: the first dipole-allowed transition in cyclcopropene is due to absorption to a (sigma --> eta*) state. The (eta --> eta*) (V) state is interleaved among a number of Rydberg states in the most intense band of the system. The remaining spectral bands are due to Rydberg transitions of higher energy. The two lowest singlet-triplet transitions involve the same valence states. The results are in agreement with available experimental data and provide a number of new assignments of the experimental spectra.