Solar Stocks Surge as PG&E (PCG) Announces 800MW Deal in California (SPWR, FSLR, LDK, more..)
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Solar stocks are seeing substantial upside this morning on the back of an announcement from Pacific Gas & Electric Company (NYSE: PCG) that it has entered into several agreements to bring 800 MW of renewable energy to California. According to PG&E, the agreements will create about 1.65 billion kilowatt-hours for about 239,000 residential homes each year.
PG&E's first agreement, with Topaz Solar Farms, a subsidiary of OptiSolar, calls for 550 MW of thin-film photo-voltaic solar power. The second contract, signed with High Plains Ranch, a subsidiary of SunPower (Nasdaq: SPWR), calls for 250 MW of high-efficiency PV solar power.
As the announcement is being called "historic", the entire solar sector is seeing a boost in prices today:
- SunPower up 18%
- LDK Solar (NYSE: LDK) up 6.6%
- Evergreen Solar (Nasdaq: ESLR) up 3.6%
- Suntech Power Holdings (NYSE: STP) up 5.5%
- Trina Solar (NYSE: TSL) up 5.6%
- ReneSola (NYSE: SOL) up 5.6%
- First Solar (Nasdaq: FSLR) up 2.7%
- MEMC Electronic (NYSE: WFR) up 5%
- Cypress Semiconductor (NYSE: CY) up 14%
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