Warren Buffettâ€™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 Californiaâ€™s Edison utility. Thatâ€™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 Buffettâ€™s company Berkshire Hathaway.
This isnâ€™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.
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