Berkshire Hathaway's MidAmerican acquires solar project - The Deal Pipeline (SAMPLE CONTENT: NEED AN ID?)
Subscriber Content Preview | Request a free trialSearch  


Print  |  Share  |  Reprint

Berkshire Hathaway's MidAmerican acquires solar project

by Claire Poole  |  Published January 3, 2013 at 10:04 AM

Buffett-amasses-IBM-stake227.jpgMidAmerican 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.

Tags: Akin Gump Strauss Hauer & Feld LLP | Berkshire Hathaway Inc. | Bill Fehrman | Gibson Dunn & Crutcher LLP | MidAmerican Energy Holdings Co. | MidAmerican Renewables | Southern California Edison | SunPower Corp. | Warren Buffett

Meet the journalists

Claire Poole

Senior Writer: Energy

Movers & Shakers

Launch Movers and shakers slideshow

Steve Browne and 750 Bingham McCutchen LLP employees have joined Morgan, Lewis & Bockius LLP. For other updates launch today's Movers & shakers slideshow.


Wet Seal, a struggling retailer, hires adviser to study options

The company, which already has activist Clinton Group as a major investor, brought back former CEO Ed Thomas to try to effect a turnaround. But the cash burn has continued. More video