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The company is broadening its reach into commercial sector by acquiring EI Solutions, the company that helped convert Google Inc.'s (NASDAQ: GOOG | Quote | Chart | News | PowerRating) headquarters to run partly on solar power.
El Solutions is part of a high-tech incubator run by entrepreneur Bill Gross, whose idea to link ads to search engine requests during the 1990s inspired the business model that generates most of Google's profits. The acquisition will give Suntech a launch pad for commercial, utility and government contracts.
Suntech forming a joint venture with MMA Renewable Ventures to develop, finance, and operate photovoltaic projects larger than 10 megawatts. According to the U.S. Department of Energy, one megawatt of generation capacity can power 778 households each year. Projects built by the joint venture, Gemini Solar Development Company LLC, will be co-owned and operated by the two companies.
Shares of Suntech fell $5.89, or 16.2 percent, to close at $30.54 Thursday.
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