US-based power generation company GE Energy is to buy a minority stake equity interest in US solar energy technology manufacturer PrimeStar Solar.
The deal represents the growing move by large commercial companies into the renewables market.
PrimeStar Solar is set to accelerate GE's plans for large-scale commercialization of low-cost, high efficiency solar technology, according to GE Energy.
"Our goal, through this investment, is to place GE’s solar business in a strategic position in the thin-film solar industry, adding to GE's diverse range of energy generation technologies," says vice president of renewables at GE Energy Victor Abate.
In March 2007, GE’s solar business was selected for the US Department of Energy's Solar America Initiative – a three-year cooperative agreement to drive down the cost of electricity to make solar energy competitive with other power generation technologies.
By Ozge Ibrahim
