GO
Loading...

Buffett's Berkshire to Buy Two Huge Wind Farms

Warren Buffett, the U.S. investment tycoon, has once again shown his commitment to the U.S. renewable energy market by announcing his plans to buy two huge Californian wind farms.

wind_turbines2_200.jpg
AP

MidAmerican Energy Holdings, which is owned by Buffet’s Berkshire Hathaway investment company, will purchase two phases of the wind farm project being constructed in the Tehachapi Mountains by Terra-Gen Power. MidAmerican Energy Holdings announced yesterday that it has agreed to buy the two phases for an undisclosed fee.

The Alta Wind VII has a capacity of 168MW, and the Alta Wind IX has a capacity of 132MW; they boost MidAmerican Renewable’s total renewable energy portfolio to over 1.2GW.

[More From Oilprice.com: Energy Is the New Front in Economic Warfare]

Southern California Edison has already signed a purchase power agreement which means they will purchase all the electricity produced from the wind farms; enough, it is believed, to supply around 80,000 homes each year.

—This story originally appeared on Oilprice.com.Click here to read the original story.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Rescue efforts are underway in Nepal after a massive earthquake struck near the country's capital, leaving behind a trail of death and destruction.

  • Emily restaurant owner Matthew Hyland banked on a local grower for the freshest basil—and immediately saw his profits take seed.

  • Robot

    Robo-advisors have forced traditional advisors to strategize and rethink the services and value they provide clients.

U.S. Video