MidAmerican Energy Holdings Co., a unit of billionaire Warren Buffett's Berkshire Hathaway Inc., said Wednesday, Jan. 2, it bought the 579-megawatt Antelope Valley Solar projects in California from solar power plant developer SunPower Corp. for an undisclosed sum.
San Jose, Calif.-based SunPower expects the deal to be worth $2 billion to $2.5 billion including engineering, procurement and construction contracts, SunPower said in a securities filing, without giving a breakdown.
The projects in Kern and Los Angeles Counties, which have been in development for four years, will form the largest permitted solar photovoltaic power development in the world, supplying renewable energy to Southern California Edison under long-term contracts. Construction will begin in the first quarter with completion expected by the end of 2015. Bill Fehrman, president of MidAmerican Renewables, said the unit has 1,830 megawatts of owned assets, including wind, geothermal, solar and hydroelectricity.
MidAmerican took legal advice from general counsel Doug Anderson and a Gibson, Dunn & Crutcher LLP team includng Peter Hanlon, Nicholas Politan, Emad Khalil, Saptak Santra, Jonathan Gordon, Michelle Magbalon, William Simmons, William Holloway, Janine Durand, Jessica Basil, Amy Forbes, Douglas Champion and Thomas McHenry. Akin Gump Strauss Hauer & Feld LLP's Adam Umanoff assisted SunPower.
Jenner & Block LLP hired middle market private equity lawyer Jason Osborn from Kirkland & Ellis LLP in Chicago. For other updates launch today's Movers & shakers slideshow.
Corporate reincorporations overseas may suddenly be a hot topic in Washington, but tax scholars see them as part of a much broader problem, says The Deal's David Marcus in a feature story. Deals that allow U.S. companies to migrate overseas - called inversions - are a response to the U.S. tax system's attempt to tax earnings made by U.S. corporations all over the world. Other countries have moved away from such a system, most notably Japan and the U.K. That's made the U.K. a more attractive venue for companies and helped allow Japanese corporations to grow by making acquisitions overseas. But the dysfunctional U.S. political system means such change is unlikely here. More video