Solar power shares gain ahead of Calif. energy vote


SAN FRANCISCO (Reuters) - Stocks of solar energy companies posted gains on Wednesday ahead of an expected decision by the California Public Utilities Commission to adopt a $3.2 billion plan to install solar electricity panels on homes and buildings throughout the state.

The commission is to vote on the program on Thursday.

Jefferies & Co. analyst Jeffrey Bencik said companies likely to benefit most directly from the solar development program are ones with exposure to the California and U.S. alternative energy markets.

The 11-year program aims to generate 3,000 megawatts of solar electricity and make California the world's third largest solar producer behind Japan and Germany.

Bencik said SunPower Corp , a California-based solar cells and panel manufacturer, "obviously is one of the companies that can benefit."

SunPower, a subsidiary of Cypress Semiconductor Corp. , rose 6 percent to $36.95 in late trade on Nasdaq on Wednesday.

Bencik also said Evergreen Solar Inc. and Energy Conversion Devices can be helped by the solar expansion.

Evergreen Solar was up about 1 percent at $12.35 on Nasdaq and Energy Conversion rose 8.6 percent to $48.22 on Nasdaq.