Tuesday, February 8, 2011

Japanese Company to Invest $61 Million in Solar

Sumitomo Corp. will invest as much as 5 billion yen ($61 million) to buy stakes in two units of Germany’s SAG Solarstrom AG that own 9.7 megawatts of solar farms in Italy.

The Japanese trading company acquired a 85 percent stake in each of the units, Sumitomo said in a statement today. It didn’t identify the units.

The units own 10 solar power generation facilities in Puglia, company spokesman Taro Ueno said by phone.

This will be Sumitomo’s first solar power generation project in Italy, according to the statement. Power generated by the projects will be sold for 20 years under Italy’s feed-in- tariff program, it said, without giving details of the buyer.

Sumitomo advanced 2.25 percent to 1,275 yen on the Tokyo Stock Exchange, the highest since September 2008. The shares closed at 1,250 yen.

SOURCE: http://www.bloomberg.com/news/2011-02-04/sumitomo-corp-to-invest-5-billion-yen-to-start-italian-solar-business.html

2 comments:

Ed said...

I would love to connect with Sumitomo. We have a Solar Fram in New Jersey at shovel ready status, and are accepting other finance partners. The people on my team, the solar location and the ROI make this deal a must see, and a great play.

stephen said...

Ed, please contact me via www.brightfieldconsulting.com

We are a subsidiary of an investment group looking for 10MW in NJ.