Buffett Makes Major Solar Purchase

By Admin
World-famous investor Warren Buffett is making major headlines after purchasing one of the largest solar installations in the world. MidAmerican Energ...

 

World-famous investor Warren Buffett is making major headlines after purchasing one of the largest solar installations in the world. MidAmerican Energy Holdings, an Iowa-based utility, bought the Arizona-based First Solar's Topaz Solar Farm project last week, expecting to increase the company's energy capacity by eight percent.

Approximately 20 percent of MidAmerican's capacity already comes from wind power and other renewables, but the additional capacity from the Topaz project will bring the company well above the required renewable energy portfolio of utilities to come.

Buffett's move is a great sign for the solar market, making up for the mass press surrounding the collapse of the solar manufacturer Solyndra earlier this year.

"The fact that Topaz was financed without a DOE loan guarantee is a major milestone in the industry's maturity and evolution," Frank DeRosa, First Solar's senior vice president of project and business development for the Americas, told Bloomberg.

SEE OTHER TOP STORIES IN THE ENERGY DIGITAL CONTENT NETWORK

Solar to Eclipse Renewable Energy Market?

Opposites Attract: Solar Powered Oil Wells

December's issue of Energy Digital has gone live!

The financial details of the transaction have not been released to the public, but many estimates place it around $2 billion. Shares of First Solar immediately rose 12.5 percent on the Nasdaq last Wednesday when the news was first announced.

The project will have the capacity to provide power to about 16,000 homes in California, according to a statement from MidAmerican Energy.

The deal "demonstrates that solar energy is a commercially viable technology without the support of governmental loan guarantees," Greg Abel, chairman, president and CEO of MidAmerican, said in the statement.

DOWNLOAD THE ENERGY DIGITAL IPAD APP

Share

Featured Articles

UK and US announce energy partnership

The agreement will work towards reducing global dependency on Russian energy exports, stabilising energy markets, and stepping up collaboration

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

Oil & Gas

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy