Warren Buffett’s MidAmerican Energy Holdings utility agreed to buy the $2 billion Topaz project in southern California, branching into solar power after the industry was battered by stock markets around the world, the good people at Bloomberg say.
The Topaz Solar Farm will be one of the world’s largest photovoltaic power plants and is being developed by the seller, First Solar Inc. (FSLR) of Tempe, Arizona, according to a joint statement today. Terms weren’t disclosed. The project’s 550- megawatt capacity is equal to about half a new nuclear reactor.
Buffett’s Iowa-based utility, which entered clean energy by buying U.S. wind farms and a stake in Chinese electric-car producer BYD Co., struck today’s deal after First Solar failed to get a U.S. government loan guarantee for the project that will use its thin-film panels. The purchase may make it easier for the solar company to sell additional projects…
Read more at http://www.bloomberg.com/news/2011-12-07/berkshire-s-midamerican-energy-to-buy-topaz-solar-farm.html
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