Monday, January 7, 2013

Buffett Investing Big in U.S. Solar

Warren Buffett makes $2.5 billion investment in US solar projects
02 January 2013 - Warren Buffett’s MidAmerican Energy Holdings kicked off the new year with a bang this morning announcing it is investing up to $2.5 billion in a pair of photovoltaic projects in the US developed by SunPower Corporation.

In a written statement, MidAmerican said it is buying SunPower's Antelope Valley projects in California, photovoltaic facilities with a combined generating capacity of 579 MW. The co-located facilities in Kern and Los Angeles Counties in Calif., will provide power to Southern California Edison.

“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.”

Construction of the two projects on the 3,230-acre site is currently expected to be completed by the end of 2015. Under the terms of the deal SunPower will build and operate the projects for MidAmerican Renewables, a division of MidAmerican Energy, which is controlled by Buffett’s Berkshire Hathaway. read more>>>

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