Sumitomo Corp. plans to invest as much as 5 billion yen ($61 million) to buy stakes in two units of Germany’s SAG Solarstrom AG that own solar-power projects in Italy, a company official said.
The Japanese trading company will buy a 85 percent stake in each of the Solarstrom units, company spokesman Taro Ueno said today by phone. Ueno confirmed a Nikkei report today that Sumitomo will acquire 10 solar power generation facilities in southern Italy through the deal, which will generate a total 9.7 megawatts of power.
He declined to give further details, saying the company will make an announcement later today.
To contact the reporter on this story: Michio Nakayama in Tokyo at mnakayama4@bloomberg.net Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net.
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.
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