Sumitomo Invests In 550 MW First Solar Project
Sumitomo Corporation is making a big statement with its first investment in U.S. solar as the Japanese-based company has bought into the 550 megawatt (MW) Desert Sunlight Solar Farm that is currently being constructed by First Solar (FSLR :NASDAQ).
The largest solar farm to be built on public land was originally a joint investment between NextEra Energy (NEE :NYSE) and GE Energy Financial Services (GE :NYSE). Sumitomo is purchasing a 25 percent ownership stake through GE’s share.
Sumitomo has invested in four wind farms in the United States: the 31 MW Cimarron II and 168 MW Ironwood projects located in Kansas, the 120 MW Stanton wind project in Texas, and the 845 MW Shepherds Flat Wind Farm in Oregon.
Add a new investor to the project has to bring some level of security to First Solar and its shareholders, despite no new money being added to the project.
Shares of First Solar were up 5.38 percent and NextEra Energy shares were up 0.21 percent while GE shares dipped 0.22 percent in afternoon trading.
