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STAMFORD, Conn. (AP) -- GE Energy Financial Services, a unit of General Electric Co., said Thursday it will invest about $235 million in Fotowatio, a Spanish solar power project developer. Fotowatio owns, operates and is developing nearly 960 megawatts of solar projects in Spain, Italy and the United States. The company uses solar photovoltaics, which convert sunlight directly into electricity, and concentrated solar power technology, which uses mirrors and tracking systems to focus sunlight into a heat source for use in a conventional steam turbine. Alex Urquhart, president and chief executive of GE Energy Financial Services, said in a statement the investment gives GE Energy Financial immediate access to attractive solar markets in the Europe and U.S. GE Energy Financial Services is working with privately held Grupo Corporativo Landon, a Spanish investment company on the deal. Grupo Corporativo Landon is investing $118 million , for a total of $350 million from the two companies. Shares of parent General Electric fell 34 cents to $28.63 in premarket electronic trading, from their close at $28.97 in Wednesday's session. (This version corrects the amount of G.E.'s investment in the first paragraph to $235 million, not $350 million, which is the total investment by G.E. and Grupo Corporativo Landon.) YahooNews No one has commented on this article.
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