MidAmerican Energy, a large utility owned by Berkshire Hathaway, Warren Buffet’s investment vehicle, is reported buying the 550 MW photovoltaic Topaz Solar Farm from First Solar. MidAmerican Energy is already one of the top utilities when it comes to wind power in the USA, but it looks like they are also seeing money in solar. The Topaz Solar Farm is located in the Carrizo Plain, northwest of California Valley, and it is expected to be fully operational by 2014.
The Topaz Solar farm, which will use First Solar’s thin film PV technology, is currently under construction in California. While it is not yet known how much Buffett’s MidAmerican is paying for the solar plant, construction costs are around $2 billion.
The Topaz plant will generate enough power for 160,000 average homes. “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 chief executive officer of MidAmerican Energy.
All I have to say is: Nice investment Mr. Buffet, nice investment.