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Sumitomo to Pay $61 Million for Italian Solar Projects

Sumitomo Corp. will invest as much as 5 billion yen ($61 million) to buy stakes in two units of Germany’s SAG Solarstrom AG that own 9.7 megawatts of solar farms in Italy.

The Japanese trading company acquired a 85 percent stake in each of the units, Sumitomo said in a statement today. It didn’t identify the units.

The units own 10 solar power generation facilities in Puglia, company spokesman Taro Ueno said by phone.

This will be Sumitomo’s first solar power generation project in Italy, according to the statement. Power generated by the projects will be sold for 20 years under Italy’s feed-in-tariff program, it said, without giving details of the buyer.

Sumitomo advanced 2.25 percent to 1,275 yen on the Tokyo Stock Exchange, the highest since September 2008. The shares closed at 1,250 yen.

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