By Carl Surran, SA News Editor
- SunPower (SPWR +3.4%) is higher after announcing a deal to sell a controlling equity interest in the 102 MW Henrietta Solar Project in southern California to Southern Co. (SO +0.2%) for an undisclosed amount.
- SPWR began construction on the project in May 2015 and is expecting to complete work by the end of the year.
- PG&E (PCG +0.6%) will purchase the electricity and associated renewable energy credits generated by the facility under a 20-year power purchase agreement.
- The project will integrate several unique innovations such as robotic cleaners for the solar panels that use 75% less water than traditional cleaning methods and can help improve system performance by up to 15%.
- SPWR also enjoys a boost from a UBS upgrade to Buy from Neutral, which says the stock’s recent pullback is overdone.
- Now read: The Spectacular Failure Of Southern Company’s Kemper Coal With Sequestration Facility »