Solar companies shine on Wall Street
Stock of solar-power equipment makers glow with big gains on Wall Street
NEW YORK (AP) -- Shares of solar companies shined Thursday, glowing from the big move by a Warren Buffett-controlled company to buy two solar power-generating plants being built in California.
The plants that the Buffett outfit is getting for between $2 billion and $2.5 billion plan to sell their electricity to Southern California Edison and are owned by SunPower Corp.
In afternoon trading, SunPower shares soared $2.71, or 44.2 percent, to $8.84.
On Wednesday SunPower said it will sell its Antelope Valley solar projects in Southern California to MidAmerican Renewables, owned by Buffett's Berkshire Hathaway Inc. Berkshire's MidAmerican Energy set up its renewable power subsidiary a year ago and has bought wind, geothermal, solar and hydro plants capable of generating 1,830 megawatts of power.
SunPower said the deal would bring in nearly as much revenue as it expected to produce from power in all of 2012.
Other solar stocks also warmed up on Thursday afternoon.
Shares of First Solar Inc. rose $2.64, or 8.3 percent, to $34.63; DayStar Technologies Inc. rose 13 cents, or 8.2 percent, to $1.70; Trina Solar Ltd. gained 74 cents, or 16.5 percent, to $5.22; Canadian Solar Inc. rose 28 cents, or 8.2 percent, to $3.68; and Yingli Green Energy Co. Ltd. rose 41 cents, or 16.4 percent, to $2.88.
