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Energy

Buffett Buys Another Solar Project

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By Paul Ausick Updated Published
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Solar Farm Desert

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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.

Paul Ausick

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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