Solar Stocks Surge as PG&E (PCG) Announces 800MW Deal in California (SPWR, FSLR, LDK, more..)

August 15, 2008 10:04 AM EDT

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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Stocks Mentioned

CY 3.78

+0.33 +9.57%
Volume: 3,008,433
Track CY

ESLR 2.47

+0.24 +10.76%
Volume: 2,686,200
Track ESLR

FSLR 116.12

+5.92 +5.37%
Volume: 3,082,987
Track FSLR

LDK 13.45

+0.10 +0.75%
Volume: 1,862,260
Track LDK

PCG 36.82

+0.05 +0.14%
Volume: 3,852,018
Track PCG

SOL 3.13

+0.41 +15.07%
Volume: 1,485,893
Track SOL

SPWR 60.75

+0.00 +0.00%
Volume: 3,741,039
Track SPWR

STP 7.38

-0.31 -4.03%
Volume: 3,193,929
Track STP

TSL 8.20

-0.30 -3.53%
Volume: 433,590
Track TSL

WFR 13.74

+1.41 +11.44%
Volume: 7,192,051
Track WFR


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