California-based utility Pacific Gas & Electric (PG&E) plans to launch a new solar initiative that will include direct investment in solar plants and solar panels.
CNET reports that PG&E CEO Peter Darbee announced the utility's initiative at the recent Clean-tech Investor Summit. PG&E has previously purchased renewable energy from third parties. The new investment model is expected to resemble the structures used by Duke Energy and Southern California Edison.
‘We will do a filing with regulators in the next quarter to make an equity investment in renewable energy,’ Darbee said at the conference, according to the article. ‘We are going to move to an equity investment because we have a tax appetite, whereas so many other entities do not.’