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Pacific Gas & Electric Contracts Lift SunPower

by: Eric Savitz August 14, 2008 | about stocks: PCG / SPWRA    

Eric Savitz

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Pacific Gas & Electric (PCG) this afternoon announced two contracts for a combined 800 MW of solar power. The two deals will provide 1.65 billion kilowatt-hours of electricity, enough to serve 239,000 residential homes. PG&E signed a deal for 550 MW of thin-film photvoltaic solar power with Topaz Solar Farms, a unit of OptiSolar, and a second deal for 250 MW with High Plains Ranch II, a unit of SunPower (SPWR).

Both projects are contingent upon the extension of the federal investment tax credit for renewable energy, which is due to expire at the end of the calendar year.

The Topaz Solar Farm project would be located in San Luis Obispo County; it is expected to begin power delivery in 2011 and to be fully operational by 2013. The SunPower project, also to be located in San Luis Obispo County, is expected to begin power delivery in 2010, and to be fully operational in 2012. The High Plains project would use SunPower’s crystalline silicon solar cells. The project also will use SunPower’s solar tracking system, which tilts the cells across the sky, increasing energy capture.

After hours, SunPower is up $5.18, or 6.6%, to $83.75.

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