Buffett Buys Another Solar Project
Jan 2nd 2013 2:29PM
Updated Jan 3rd 2013 6:50AM
Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK-A) subsidiary MidAmerican Energy Holdings Co. has acquired the 579-megawatt Antelope Valley solar projects from SunPower Corp. (NASDAQ: SPWR) for a total price of up to $2.5 billion. When completed, the two projects will comprise the world's largest solar power generation development.
SunPower will complete construction on the power plant over the next three years and has a multiyear agreement to operate and maintain the plant. Construction is set to begin in the first quarter of 2013 and to be completed by the end of 2015. About 650 jobs are expected to be created during construction.
According to the announcement, MidAmerican currently holds more than 1,830 megawatts of renewable generation, including wind, solar, geothermal, and hydropower.
Shares of SunPower are up more than 9% today, at $6.14 in a 52-week range of $3.71 to $9.54. SunPower is majority owned by French energy giant Total SA (NYSE: TOT), which paid more than $23 a share for its stake in April 2011.
Filed under: 24/7 Wall St. Wire, Alternative Energy, Buffett, Green Biz Tagged: BRK-A, BRK-B, SPWR, TOT