LOS ANGELES Oct 2 Japan's Sumitomo Corp
on Tuesday said it would take a 25 percent stake in a
550-megawatt solar power project in California, giving the
trading house a foothold in the growing U.S. solar industry.
Terms of the deal were not disclosed.
The company, which has stakes in four U.S. wind projects,
joins GE Energy Financial Services and NextEra Energy
Resources as an investor in the Desert Sunlight solar
farm located in Riverside County.
Sumitomo made its investment by buying a part of GE's stake,
it said in a statement.
The photovoltaic solar project is being built by First Solar
Inc and has agreements in place to provide power to
California utilities Southern California Edison and
Pacific Gas & Electric. It is expected to be fully
operational by 2015, according to First Solar's website.
Last year the U.S. Department of Energy agreed to back part
of $1.46 billion in loans for the Desert Sunlight project as
part of its program to aid alternative energy development.
Sumitomo said it will continue to seek opportunities to
invest in solar and other renewable energy projects in the
United States and Canada. The company has also made investments
in U.S. fossil fuel assets. In August it said it would take a
30 percent stake in shale acreage controlled by Devon Energy
Corp in the Permian Basin in Texas in a $1.4 billion