MidAmerican to buy First Solar's 550-MW Topaz solar farm in California
Dec 7, 2011 - MidAmerican Energy Holdings Co, a unit of Berkshire Hathaway (NYSE:BRK), said today it had signed a definitive agreement to acquire US First Solar Inc's (NASDAQ:FSLR) 550-MW Topaz solar power project in California.
The company did not provide financial details.
Construction of the project, which is worth over USD 2 billion (EUR 1.5m), commenced in November this year and is to be completed at the beginning of 2015. First Solar has agreed to construct, operate and maintain the project for MidAmerican.
Once completed, the Topaz solar park is estimated to produce enough electricity to power 160,000 local households. Its output will be sold to Pacific Gas and Electric Co under a 25-year power purchase agreement. The project will significantly contribute to California's goal to bring 33% of its power from renewables by 2020.
The completion of the acquisition hinges on a number of closing conditions, including certain required actions related to the project's permits and electrical interconnection arrangements.