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Warren Buffett Invests Over $2B In Solar Power Projects In California

Warren Buffett

Warren Buffett’s MidAmerican Energy Holdings Company has just purchased two SunPower solar photovoltaic power plant projects in California for $2-2.5 billion – a pretty gigantic deal.

The Antelope Valley Solar Projects will be built in Los Angeles and Kern counties, generating 579 megawatts of electricity for Southern California’s Edison utility. That’s equal to a large fossil fuel power plant at peak output levels.

SunPower will build and operate the projects for MidAmerican Renewables, which is a division of MidAmerican Energy and controlled by Buffett’s company Berkshire Hathaway.

This isn’t the only solar deal Buffett has taken on recently. MidAmerican Energy also owns Topaz Solar Farms, a 550-megawatt plant in San Luis County, California by First Solar. It also holds a 49% stake in a 290-megawatt plant in Yuma, Arizona.

Construction for the latest projects is scheduled to begin later this year, and the plants are expected to go online at the end of 2015.

Image CC licensed by Fortune Live Media: Warren Buffett

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