30 Apr '12, 2pm

PG&E Seeks Approval to Invest in Solar Manufacturing

SVTC Technologies has secured a $30 million grant from the U.S. Department of Energy to start the service, and it’s hoping to get $9.9 million from PG&E by June this year in order to claim the federal funding, said Gunter Ziegenbalg, SVTC’s president. The company first formed a solar business back in early 2008 , but it’s taken this long to secure funding the service. PG&E needs the approval of the California Public Utilities Commission to spend the money, which will enable PG&E to get an equity stake in the service called SVTC Solar. To sweeten the deal, SVTC recently wrote a letter to the commission promising to increase the stake PG&E would have with the same $9.9 million investment. Although taxpayers’ money will be used, both PG&E and SVTC have refused to divulge the size of the equity stake that PG&E would receive. The proposed terms of the equity investment would pu...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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