Warren Buffett Bets on Solar with MidAmerican Buy of Topaz Plant
MidAmerican Energy Holdings Company, which is owned by Warren Buffett, announced that it has entered into definitive agreements to acquire the Topaz Solar Farm from First Solar, Inc. The 550-megawatt photovoltaic power plant being built in San Luis Obispo County, California, will have the capacity to generate enough renewable energy to power approximately 160,000 average California homes. The more than $2 billion Topaz project is one of the two largest PV projects in the world, both being built by First Solar.
"MidAmerican is the No. 1 owner of wind-powered energy generation among U.S. rate-regulated utilities. Adding solar energy to our generation portfolio is a strategic move to invest in yet another renewable energy source," said Greg Abel, chairman, president and CEO of MidAmerican Energy Holdings Company. "Our investment in wind resources benefits both our customers and the environment, and our entry into the solar energy industry expands our renewable energy footprint and will help meet current and future energy needs in a manner that reflects our ongoing commitment to environmental respect and cost-effective generation.