Sumitomo Corporation invests in Desert Sunlight Solar Farm

03 October 2012 10:47  [Source: ICIS news]

SINGAPORE (ICIS)--Sumitomo Corporation of America (SCOA) has recently invested in Desert Sunlight Solar Farm, a 550-megawatt (MW) solar power project under construction in the California desert, the company said late on Tuesday.

The investment was made through a purchase of part of GE Energy Financial Services’ share in the Desert Sunlight project, giving the company 25% ownership.

Information on the start and completion dates for the construction of the project was not immediately available.

Sumitomo Corporation of America is the subsidiary of Sumitomo Corporation.

This is Sumitomo’s first venture into U.S. solar projects, thereby expanding its renewable energy portfolio, which already covers over 1,800 MW in projects across the United States. The largest solar photovoltaic (PV) facility approved for U.S. public land, Desert Sunlight, once operational, will generate enough energy to power more than 165,000 homes and reduce 300,000 metric tons of greenhouse emissions per year, which is equivalent to taking 60,000 cars off the road.

The solar farm was first developed by First Solar Inc., who is responsible for constructing, operating and maintaining the project using its advanced thin-film PV technology.

“The investment in Desert Sunlight is a good representation of what Sumitomo is doing in regards to supporting a clean energy future,” said Teruyuki Miyazaki, Vice President, Power & Telecommunications Business, SCOA. “This, along with our earlier investments in major renewable energy projects in the U.S., allows us to leverage our experience and know-how as a long-term strategic investor and work with strong partners on high-quality renewable energy projects in the advanced stages of development or construction.”

 


By: Staff Reporter
+44 20 8652 3214



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