UPDATE 1-Sumitomo to invest in massive U.S. solar project
(Adds details)
LOS ANGELES, Oct 2 (Reuters) - Japan's Sumitomo Corp
on Tuesday said it would take a 25 percent stake in a550-megawatt solar power project in California, giving thetrading 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 EnergyResources as an investor in the Desert Sunlight solarfarm 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 SolarInc and has agreements in place to provide power toCalifornia utilities Southern California Edison andPacific Gas & Electric . It is expected to be fullyoperational by 2015, according to First Solar's website.
Sumitomo said it will continue to seek opportunities toinvest in solar and other renewable energy projects in theUnited States and Canada.
Last year the U.S. Department of Energy agreed to back partof $1.46 billion in loans for the Desert Sunlight project aspart of its program to aid alternative energy development.
(Reporting By Nichola Groom; Editing by Maureen Bavdek)
((nichola.groom@thomsonreuters.com))
Keywords: SUMITOMO/