Warren Buffett, billionaire US-based investor, has pledged to spend about $2.5 billion for a deal with SunPower to build and acquire two solar photovoltaic projects in California’s Antelope Valley. The deal was done between SunPower and MidAmerican Energy Holdings, a subsidiary of Buffett’s Berkshire Hathaway Investment company.
The deal marks the third time Mr. Buffett has placed a bet on solar energy in little over a year’s time. Work on the new projects is expected to start within the next few months, with completion scheduled for the end of 2015. Both the projects will be acquired by MidAmerican Energy Holdings and will have a combined renewable energy generating capacity of about 579MW, making it the largest solar photovoltaic installation in the world.