September 24, 2010 / 2:18 PM / 9 years ago

Solar stocks mostly rise after California move

Solar panels sit on the roof of SunPower Corporation in Richmond, California March 18, 2010. SunPower is a San Jose, California-based maker of high-efficiency solar panels. REUTERS/Kim White

NEW YORK (Reuters) - Stocks of solar power companies were mostly higher on Friday after California regulators voted on Thursday to raise the state’s renewable energy target.

California’s Air Resources Board approved an increase in the share of electricity in the state that is produced from renewable energy sources to 33 percent by 2020 from 20 percent by 2010.

However, an initiative in front of California voters on November’s ballot aims to overturn the law that authorizes regulators to create the 33 percent target.

The state’s governor also has the right to suspend provisions of the law, including the new target, for up to a year. Republican candidate Meg Whitman has said she would do so.

First Solar, the world’s largest photovoltaic solar company by market value, rose 1.4 percent to $145.21 per share, while peer SunPower Corp slipped 7 percent to 13.82 per share, slightly paring steep gains made on Thursday.

China-based Suntech Power Holdings climbed 1 percent $9.44, while JA Solar rose 3.7 percent to $8.15, Yingli Green Energy Holding firmed 1.5 percent to $11.83, and Trina Solar was up 3.3 percent to $27.56.

Reporting by Matt Daily; Editing by Steve Orlofsky

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