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Industry News

Warren Buffet Acquires World’s Largest Solar Development

Valerie Coffey

January 4, 2013—Clean-energy developer MidAmerican Solar (Phoenix, Ariz., U.S.A.), a company controlled by Warren Buffet’s Berkshire Hathaway Inc., has acquired Antelope Valley Solar Projects in California, the world’s largest solar development, from solar manufacturer SunPower Corp. (San Jose, Calif., U.S.A.). SunPower has developed the projects for the past four years and will receive between US$2 and 2.5 billion in the deal.

Under construction since September 2011, the two projects combined will form the largest permitted solar photovoltaic power ranch in the world, together generating 579 MW of power and creating about 650 construction jobs. The projects will provide renewable energy to Southern California Edison. The first AV Solar Ranch in Los Angeles County will consist of 3.7 million solar modules and will provide 230 MW of power, enough to remove 30,000 cars and power 75,000 homes.

Solar stocks surged as much as 41 percent on January 3 in response to the news.
 


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