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Warren Buffet Buys World's Largest Solar Plant for Just Over $2 Billion!
A division of MidAmerican Energy controlled by Warren Buffet’s Berkshire Hathaway, MidAmerican Renewables has purchased the 579-megawatt Antelope Valley Solar Projects (AVSP) from Silicon Valley solar manufacturer and developer SunPower. The 3,230 acre plant worth just over $2 billion will be outfitted with SunPower’s super efficient modular photovoltaic trackers and co-located on sites in Kern and Los Angeles counties in California. Together they will become the largest solar power plant in the world.
SunPower will build and operate the projects for MidAmerican Renewables, and the energy will be sold to Southern California Edison in accordance with two long-term agreements that have received approval from the California Public Utilities Commission. President of MidAmerican Renewables Bill Fehrman said that the company already has a portfolio of more than 1,830 megawatts of owned assets, including wind, geothermal, solar and hydro.
“We are excited about these projects because they support our core business principle of environmental respect,” he said in a recent statement. “We are very proud to add SunPower technology to our portfolio of projects.”
“The Antelope Valley Solar Projects mark a historic milestone for the energy industry,” said Howard Wenger, SunPower president, regions.
“We are delivering highly reliable low-cost renewable energy at a very large scale. SunPower is proud to partner with MidAmerican Solar and SCE, recognized leaders in clean energy development, bringing critically needed jobs and economic opportunity to California and helping the state achieve its renewable portfolio requirement.”
The AVSP solar plants will offset approximately 775,000 tons of carbon dioxide emissions, according to the U.S. Environmental Protection Agency (EPA), which is the equivalent of taking 3 million cars off the road over a 20 year period. Construction is expected to break ground in the first quarter of 2013 and come to a close towards the end of 2015.
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