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Warren Buffett Makes Further Investments In Solar Farms

Warren Buffett is renowned around the world for his investment expertise reportedly having made billions from his investment decisions to become the multi billionaire that he is today. Well, he has, yet again, dabbled his feet in the renewable energy market by investing in the region of $2 billion to $2.5 billion in two huge solar power schemes.

Warren Buffett
(image credit: Fortune Live Media)

Through his renewable energy investment business, MidAmerican Solar, he has purchased the development rights to two solar panel farms in Antelope Valley, California, USA from SunPower Corp that have a total capacity of 579MW. It is estimated that 775,000 tons of emissions of carbon dioxide will be avoided each year that is comparable with the level of emissions coming from approaching 3 million cars.

Collectively, these two schemes make up the largest scheme of its kind anywhere in the world and the project is expected to create 650 jobs whilst construction work takes place. The construction work is expected to start in a few months time with completion scheduled for the end of 2015. The solar panels, via the grid, will provide energy to Southern California Edison (SCE). The California Public Utilities Commission have agreed two power purchase contracts over a long period of time.

Interestingly, the project will utilise SunPower’s sun tracking solar panels that are capable of producing an extra 25 per cent more power than traditional solar panels. Under the conditions of the agreement SunPower are to construct and then deal with the operation and maintenance of the completed project.

Bill Fehrman, who is the president of MidAmerican Renewables, stated: “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. We are very proud to add SunPower technology to our portfolio of projects.”

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