PG&E will invest $1.4 billion in solar power
PG&E will invest $1.4B in solar power
"Pacific Gas & Electric Co. announced Tuesday that it will develop $1.4 billion in solar power facilities, worried that credit-related cancellations of independent contractors' projects could threaten PG&E's ability to meet state renewable power mandates. Following in the footsteps of its fellow utilities to the south, PG&E said it will develop 250 megawatts of solar power facilities within its service territory and will open up another 250 megawatts worth to independent developers. It is PG&E's first foray into developing utility-scale solar projects. Peter Darbee, president and CEO of PG&E Corp. said PG&E's move is a response to the credit crisis. "There are challenges in the capital markets where young development firms are unable to get the capital they need to build out their projects," Darbee said at a press conference at PG&E's San Francisco headquarters. "We believe PG&E is well positioned with a $35 billion balance sheet to step up and meet that challenge."
SF Business Times-2/23/2009