Sumitomo invests in Desert Sunlight solar project

Sumitomo Corp. of America and parent company Sumitomo Corp. have announced their investment in the Desert Sunlight Solar Farm, a 550 MW solar power project under construction east of Palm Springs, Calif. Sumitomo’s investment gives the company 25 percent ownership. The other investors include GE Energy Financial Services and NextEra Energy Resources (NYSE: NEE) farm.

Desert Sunlight is Sumitomo’s first investment in U.S. solar projects and will expand Sumitomo’s renewable energy portfolio, which already includes over 1,800 MW in projects across the U.S.
According to the U.S. Department of the Interior, Desert Sunlight is the largest solar photovoltaic (PV) facility approved for U.S. public land. First Solar will construct, operate and maintain the project, which uses the company’s advanced thin-film PV technology. Desert Sunlight has secured power purchase agreements to supply Southern California Edison with 250 MW and Pacific Gas & Electric (NYSE: PCG) with 300 MW for 20 years.

Total project costs equal $2.3 billion.

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