• Most Popular
  • Most Shared

UPDATE 1-PG&E to buy 500 MW solar power from NextEra, Abengoa

Mon Oct 26, 2009 2:12pm EDT

Stocks

   

* Signs deals with units of NextEra, Abengoa Solar * Says signed for 830 MW in total along with other deals

Stocks  |  Mergers & Acquisitions  |  Utilities

Oct 26 (Reuters) - Pacific Gas and Electric Co, a unit of PG&E Corp (PCG.N), said it will buy 500 megawatts (MW) of solar power from units of NextEra Energy Resources and Abengoa Solar.

NextEra's proposed Genesis solar energy project will produce 250 MW in two phases, in 2013 and 2014. The remaining 250 MW will be produced by Abengoa Solar's Mojave Solar project, which will be fully functional by late 2013.

The projects will use solar thermal technology -- curved mirrors in the shape of troughs will focus solar energy onto fluid-filled tubes and the heated fluid will be used to create steam for generating electricity -- to generate renewable energy.

Financial terms of the deal were not disclosed.

Along with the recent clean solar power deal, the utility arm of PG&E Corp has signed for about 830 MW of power with independent developers.

Shares of PG&E were down about 1 percent at $41.34 Monday afternoon on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan; Editing by Gopakumar Warrier)

Stocks
Mergers & Acquisitions
Utilities


More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets