Sumitomo buys a piece of GE Financial’s stake in massive U.S. solar project

Oct. 3, 2012
Sumitomo Corp. of America (SCOA) and its parent, the Japanese industrial conglomerate Sumitomo Corp., have invested in the Desert Sunlight Solar Farm, a 550MW solar power project under construction in the California desert, east of Palm Springs. This is ...

Sumitomo Corp. of America (SCOA) and its parent, the Japanese industrial conglomerate Sumitomo Corp., have invested in the Desert Sunlight Solar Farm, a 550MW solar power project under construction in the California desert, east of Palm Springs. This is Sumitomo's first investment in U.S. solar projects and will expand Sumitomo's renewable energy portfolio, which already includes four wind farms in Kansas, Texas and Oregon that produce a combined total of more than 1,800 MW. across the United States. Sumitomo's investment was made through a purchase of part of GE Energy Financial Services' share in the Desert Sunlight project, giving the company 25% ownership. The solar farm’s other investor is NextEra Energy Resources.

The Desert Sunlight Solar Farm was initially developed by First Solar Inc., Tempe, Ariz., which will construct, operate and maintain the project. According to the U.S. Department of the Interior, Desert Sunlight is the largest solar photovoltaic (PV) facility approved for U.S. public land. It will generate enough energy to power more than 165,000 homes. Details