Warren Buffett to build world's largest solar energy project
Billionaire US investor Warren Buffett is taking a $2.5bn (£1.5bn) bet on solar energy, acquiring what is set to become the largest photovoltaic development in the world.
11:45PM GMT 02 Jan 2013
MidAmerican Energy Holdings, a subsidiary of Mr Buffett’s Berkshire Hathaway investment company, has struck a deal with SunPower to acquire and build two projects in California’s Antelope Valley.
The deal, which will see MidAmerican pay between $2bn to $2.5bn, marks the third time in little over a year that Mr Buffett has ploughed cash into solar energy.
He last year created a unit within Mid American to support an increasing number of solar and wind investments.
Work on the projects will begin within the next few months and construction is expected to be completed by the end of 2015.
SunPower, which is 66pc-owned by France’s Total, will remain involved in the construction and operation of the projects.
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