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Monday, 7 January 2013

Warren Buffett In $2 Billion Solar Deal

Warren Buffett In $2 Billion Solar Deal

First Solar Array

Making a big bet on solar energy, Warren Buffett’s MidAmerican Energy Holdings Company has acquired two SunPower solar photovoltaic power plant projects inCalifornia for between $2 billion and $2.5 billion,
the companies said Wednesday.
The adjacent Antelope Valley Solar Projects will be
built in Los Angeles and Kern counties and will generate
579 megawatts of electricity for utility Southern
CaliforniaEdison. At peak output that’s the equivalent
of a big fossil fuel power plant.
SunPower, the Silicon Valley solar panel manufacturer
and developer, will build and operate the projects for
MidAmerican Renewables, a division of
MidAmerican Energy, which is controlled by
Buffett’s Berkshire Hathaway.
“We are excited about these projects because they
support our core business principle of environmental
respect,” Bill Fehrman, president of MidAmerican
Renewables, said in a statement. “We are very proud
to add SunPower technology to our portfolio of projects,”
It’s just the latest solar deal for Buffett. MidAmerican
Energy also owns the 550-megawatt Topaz Solar
Farms built by First Solar in San Luis County, Calif.,
and holds a 49% stake in a 290-megawatt solar power
plant in Yuma, Ariz.
Construction of the Antelope Valley Solar Projects is
set to begin this year with the power plants going online
at the end of 2015.

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