Warren Buffett Buys into California PV Project through MidAmerican Energy Holdings

MidAmerican Solar, a subsidiary of MidAmerican Renewables that's owned by MidAmerican Energy Holdings Co. and is part of Warren Buffett's Berkshire Hathaway, and SunPower Corp., Roseville, Calif., recently announced MidAmerican Solar's acquisition of SunPower's 579MW Antelope Valley Solar Projects in California's Kern and Los Angeles Counties.

Together, the two combined projects will form the largest permitted solar photovoltaic power development in the world and will create an estimated 650 jobs during construction. The Antelope Valley Solar Projects will provide renewable energy to Southern California Edison (SCE) under two long-term power purchase contracts approved by the California Public Utilities Commission. Bill Fehrman, president of MidAmerican Renewables, said in the press release announcing the deal, “We are pleased to be working with SunPower on this project. MidAmerican Renewables, a subsidiary of MidAmerican Energy Holdings Company, has a total portfolio of more than 1,830 megawatts of owned assets, including wind, geothermal, solar and hydro assets. We are excited about these projects because they support our core business principle of environmental respect.”

SunPower developed the co-located Antelope Valley Solar Projects over the last four years. At the 3,230-acre site, SunPower will install the SunPower Oasis Power Plant product, fully integrated, modular solar technology that is engineered to rapidly deploy utility-scale solar projects while minimizing land use. Construction of the solar project is scheduled to begin in first quarter 2013, with the plants expected to be complete by year-end 2015.