n" readability="44">Feb 4 (Reuters) - Japanese trading house Sumitomo Corp (8053.T) will buy 85 percent stake in a German solar power firm's Italian susidiaries, in a deal of about 5 billion yen, the Nikkei business daily reported.
Under the terms of the deal, Sumitomo will acquire ownership of 10 solar farms in southern Italy, with a combined capacity generation of 9,700 kw, the paper said.
An Italian government institution will purchase electricity from Sumitomo's power plants for the next 20 years, the Nikkei reported.
With the acquisition, Sumitomo's production capacity will increase to around 30,000 kw, the daily said.
Sumitomo plans to expand its production to 100,000 kw by end of fiscal 2013 and double it by making inroads into the Middle East, United States and elsewhere, Nikkei said. (Reporting by Aditi Sharma in Bangalore; Editing by Joyjeet Das)
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