By: TODD WHITE and MARC ROCA, Topaz Solar Farm will be one of the world’s largest photovoltaic plants, with 550MW generating capacity equal to about half a nuclear reactor.WARREN Buffett’s MidAmerican Energy Holdings utility yesterday agreed to buy the $2bn Topaz project in southern California, branching into solar power after the industry was battered by world stock markets. The Topaz Solar Farm will be one of the world’s larges tphotovoltaic power plants and is being developed by seller First Solar of Tempe, Arizona, according to a joint statement. Terms were not disclosed. The 550MW capacity is equal to about half a new nuclear reactor. Mr Buffett’s Iowa-based utility, which entered clean energy by buying US wind farms and a stake in Chinese electric-car producer BYD, struck the deal after First Solar failed to get a US government loan guarantee. Topaz "demonstrates that solar energy is a commercially viable technology without the support of governmental loan guarantees", Greg Abel, MidAmerican’s CEO, said in the statement. The utility will seek to add more assets of this type to its unregulated portfolio, he said.Read Full: BusinessDay - Warren Buffett buys solar project
Thursday, 8 December 2011
Warren Buffett buys solar project
By: TODD WHITE and MARC ROCA, Topaz Solar Farm will be one of the world’s largest photovoltaic plants, with 550MW generating capacity equal to about half a nuclear reactor.WARREN Buffett’s MidAmerican Energy Holdings utility yesterday agreed to buy the $2bn Topaz project in southern California, branching into solar power after the industry was battered by world stock markets. The Topaz Solar Farm will be one of the world’s larges tphotovoltaic power plants and is being developed by seller First Solar of Tempe, Arizona, according to a joint statement. Terms were not disclosed. The 550MW capacity is equal to about half a new nuclear reactor. Mr Buffett’s Iowa-based utility, which entered clean energy by buying US wind farms and a stake in Chinese electric-car producer BYD, struck the deal after First Solar failed to get a US government loan guarantee. Topaz "demonstrates that solar energy is a commercially viable technology without the support of governmental loan guarantees", Greg Abel, MidAmerican’s CEO, said in the statement. The utility will seek to add more assets of this type to its unregulated portfolio, he said.Read Full: BusinessDay - Warren Buffett buys solar project