If it's geostationary it could in theory be setup to focus the light in one spot on earth. The precision involved would have to be quite insane though. This would make it viable to generate power via thermal solar. I use the word viable very loosely here, because a ground based system is probably going to be way cheaper and easier to manage and can be built much bigger/powerful with less effort.
From a tech perspective the idea of a giant mirror in space sounds cool but I think it's a bad idea for many reasons already mentioned here.