- CNTV English - CCTV News

Homepage > News > Biz >

Warren Buffett to buy Calif. solar farm

12-08-2011 09:14 BJT

WASHINGTON, Dec. 7 (Xinhua) -- MidAmerican Energy Holdings Company, owned by billionaire investor Warren Buffett, said Wednesday it would buy a solar farm in California, betting on promising development of the solar industry.

MidAmerican Energy said that it would acquire the Topaz Solar Farm, a 550-megawatt photovoltaic power plant, from First Solar, Inc., while not disclosing the price of the deal. The farm is worth more than 2 billion U.S. dollars according to some estimate.

The solar plant, being built in San Luis Obispo County, Calif., will have the capacity to generate enough renewable energy to power approximately 160,000 average California homes. It is also one of the two largest photovoltaic power projects in the world.

According to the agreement, First Solar will construct, operate and maintain the Topaz project for MidAmerican. Construction of the project began in November this year and is expected to be complete by early 2015.

This is Buffett's newest purchase this year, following spending about 9 billion dollars in March to buy Lubrizol Corp., the world's leading producer of lubricant additives.

Buffett told investors earlier this year he would pursue bigger acquisitions by using his over 38 billion dollars of cash on hand.

Editor:Zhang Hao |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program