Billionaire investor Warren Buffett has strengthened his position in the renewable energy market. MidAmerican Wind, a subsidiary of Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B), announced plans to purchase two giant wind farm projects in Tehachapi, California, from Terra-Gen Power LLC for an undisclosed amount. The projects: 132-MW Alta Wind IX and 168-megawatt Alta Wind VII, are a part of the Alta Wind Energy Center.
They are likely to start operations by the end of this year, and will boost the capacity of the entire complex to 1,320 MW. Situated about 70 miles north of Los Angeles, it would be the world’s largest wind farm. Currently, about 1020 megawatts of energy is being produced there. The combined projects are expected to provide clean electricity to over 80,000 homes every year.
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Edison International’s unit, Southern California Edison, has agreed to purchase electricity from all the projects till 2035, MidAmerican Wind said. “The two projects, which are part of the largest wind farm in the country, make an excellent addition to our growing portfolio of renewable energy assets, as we continue to evaluate and acquire wind projects,” said Tom Budler, the president of MidAmerican Wind.
The company said it now has 1,250 megawatts of owned renewable energy assets. Des Moines, Iowa-based MidAmerican Wind is the biggest rate-regulated wind power generator in the United States, and now it is expanding its unregulated portfolio. The company also acquired three projects, with a total capacity of 400MW, in Iowa, in January. MidAmerican Wind has also purchased stakes in solar projects in Arizona and California.
The wise old man known where the future lies.