SunPower sells world's largest solar project to MidAmerican

SunTech Corp. and MidAmerican announced a solar transaction deal this week valued at more than $2 billion.
Bloomberg

SunTech Corp. and MidAmerican announced a solar transaction deal this week valued at more than $2 billion. 

MidAmerican Solar, a subsidiary of Warren Buffett's MidAmerican Renewables, announced this week it would buy a sprawling 579-megawatt solar array that spans California's Kern and Los Angeles counties.

Bloomberg values the transaction at as much as $2.5 billion.

SunPower Corp. (NASDAQ: SPWR), which is based in San Jose, Calif., and has a project-development office in Portland, has been working on theAntelope Valley Solar Projects, two co-located installations, for the last four years. The combined projects will form the largest permitted solar photovoltaic power development in the world and will create an estimated 650 jobs during construction, according to a SunPower press release.

"We are pleased to be working with SunPower on this project. MidAmerican Renewables, a subsidiary of MidAmerican Energy Holdings Company, has a total portfolio of more than 1,830 megawatts of owned assets, including wind, geothermal, solar and hydro assets," said Bill Fehrman, president of MidAmerican Renewables, in the release.

Bloomberg reports that MicAmerican has been increasing its wind and solar farm investments and formed its renewables division last year to support the projects its buying, which also included the $2.4 billion 550-megawatt Topaz solar farm in California.

MidAmerican Energy Holdings Company also owns Portland-based PacifiCorp.

"The Antelope Valley Solar Projects mark a historic milestone for the energy industry," said Howard Wenger, SunPower president, regions.

Construction of the solar project is scheduled to begin in first quarter 2013, with the plants expected to be complete by year-end 2015.

Comments

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.