Buffet’s MidAmerican adds solar project
Shares of Arizona-based First Solar Inc. heated up after Warren Buffett’s MidAmerican Energy Holdings utility agreed to buy the $2 billion Topaz Solar Farm project in southern California, branching into solar power. The Topaz project, being developed by First Solar, will be one of the world’s largest photovoltaic power plants. Terms weren’t disclosed. The project’s 550-megawatt capacity is equal to about half a new nuclear reactor. Buffett’s utility, which entered clean energy by buying US wind farms and a stake in a Chinese electric car producer, struck the deal after First Solar failed to get a US government loan guarantee for the project that will use its thin-film panels. The purchase may make it easier for the solar company to sell additional projects.