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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

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