Hedge Fund Reader : Schwarzenegger Collaborates with Hedge Funds to Invest in California Solar Power

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July 08, 2006

Schwarzenegger Collaborates with Hedge Funds to Invest in California Solar Power

California's governor Arnold Schwarzenegger is working to realize his goal of establishing a million solar roofs. Schwarzenegger is pouring $3.2 billion into solar energy. Because of his initiative, investors are snapping up shares of solar-equipment companies. Hedge funds SAC Capital Advisors LLC and GLG Partners LP have solar investments in the state. Still, solar energy forms only 0.2 percent of California's electricity. The state had fewer than 20,000 roofs at the end of March. Schwarzenegger says that he wants peak solar capacity to reach 3,000 megawatts, which will give the state's panels the power of three new gas-powered plants.

According to Bloomberg -

Investors, too, see a brighter future for solar. SAC Capital Advisors, an $8.5 billion hedge fund in Stamford, Connecticut, founded by Steven Cohen, and GLG Partners, an $11.2 billion fund in London, last month joined a group that invested $75 million in Nanosolar Inc., a Palo Alto, California-based company that is developing flexible solar strips.

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July 8, 2006 in Emerging Markets | Permalink