US multi-millionaire Warren Buffett is to enter the solar power sector via his utility company MidAmerican Energy Holdings.
MidAmerican has agreed to buy the $2bn Topaz solar farm which is being built in California by First Solar and is due for completion in 2015.
First Solar will run the plant for MidAmerican, which is owned by Buffett’s company Berkshire Hathaway. MidAmerican will in turn sell electricity generated by the 550 MW Topaz facility to Pacific Gas and Electric Co.
MidAmerican already operates several wind power facilities and its chairman Greg Abel said adding solar energy to its generation portfolio “is a strategic move to invest in yet another renewable energy source”.
He added that the Topaz project “demonstrates that solar energy is a commercially viable technology without the support of governmental loan guarantees”.