UPDATE 1-Plutonic Power, GE unit to buy 3 First Solar facilities

Wed Jan 5, 2011 2:55pm EST

* To buy facilities totaling 50 MW

* Plutonic to contribute about C$6 mln

* Expected to create 600 construction jobs

Jan 5 (Reuters) - Clean power company Plutonic Power Corp PCC.TO and GE (GE.N) unit GE Energy Financial Services agreed to acquire a 50-megawatt portfolio of three photovoltaic solar facilities from First Solar Inc (FSLR.O).

Plutonic will contribute about C$6 million ($6.04 million) and serve as the managing partner for the projects, to be built in Ontario. The facilities' construction is expected to begin by mid-2011.

First Solar will arrange debt for the project on behalf of Plutonic and GE Energy Financial Services.

The projects, which are expected to create more than 600 construction jobs, will sell their power to the Ontario Power Authority under 20-year energy purchase agreements.

Shares of Vancouver, British Columbia-based Plutonic Power were up 10 percent at C$2.39 in afternoon trading on the Toronto Stock Exchange. First Solar shares were trading flat at $131.50 on Nasdaq. ($1=.9942 Canadian Dollar) (Reporting by Vaishnavi Bala in Bangalore; Editing by Maju Samuel)