Warren Buffett’s $2 Billion Bet On Solar Energy

Warren Buffett and MidAmerican Energy Holdings Company, a subsidiary of Berkshire Hathaway, recently acquired two SunPower solar photovoltaic power plant projects in the state of California this past Wednesday for between $2 billion to $2.5 billion.

The two Antelope Valley Solar Projects are going to be built in Kern County and Los Angeles County adjacent way, and both projects will generate 579 MW of electricity for company Southern California Edison. That is actually the equivalent of a big fossil fuel power plant at its peak output.

SunPower, the manufacturer and developer in the Silicon Valley, is going to operate and build these projects for MidAmerican Renewables, which is a division of MidAmerican Energy and controlled by Warren Buffett’s company 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,”

this is just the most recent solar powered deal in the works from Warren Buffett. As well, MidAmerican Energy owns the 550 MW Topaz solar farms which was built by first solar in San Luis County, California. They also have a 49% stake in a solar power plant in Yuma, Arizona that gives off 290 MW of electricity.

This project is going to end by 2015, but the construction of the Antelope Valley Solar Project is going to begin later this year.

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