Soitec Solar Development, a subsidiary of French cleantech company Soitec, has received regulatory approval for five solar power purchase agreements with California-based utility San Diego Gas and Electric.
The contracts are for the purchase of electricity from photovoltaic (PV) facilities with a combined capacity of 155MW in San Diego County. The projects will utilise Soitec's concentrated PV technology manufactured in the local area.
Last month, Soitec announced that due to the economic climate and cautiousness in the industry the company will make an operating loss this year. In June, Soitec launched a €150m rights issue at a 43 per cent discount in order to finance its expansion.