Clean-tech tycoon Warren Buffett bets big on solar with $2 billion deal

Standard

Originally posted on VentureBeat:

screen-shot-2009-11-30-at-11.37.20-am

Through his company Berkshire Hathaway, Warren Buffett has acquired two solar power plant projects from solar panel manufacturer and developer SunPower for between $2 billion and $2.5 billion.

Berkshire Hathaway’s energy subsidiary, MidAmerican Energy, has a stake in many of the largest US solar power plants, including two First Solar plants. Buffett has increasingly become an important ally for the renewable energy industry, which is struggling to survive without government financial support.


Read our analysis of Buffett’s efforts to spearhead billion-dollar clean-tech initiatives. 


The newly acquired plants are located in California, and they are the world’s largest photovoltaic solar developments, meaning they use solar panels to convert sunlight into electricity. SunPower will retain the three-year contract to build and maintain them in the counties of Los Angeles and Kern. The Antelope Valley projects will generate 579 megawatts for Southern California Edison, which is not far off the output of a large fossil fuel power plant.

SunPower, based in Silicon Valley…

View original 93 more words

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s