Warren Buffett Buys 49% Stake in Arizona's 290-Megawatt 'Agua Caliente' Solar Project
Built by First Solar for NRG Energy for $1.8 BillionBillionaire investor and philanthropist Warren Buffett has apparently been shopping for solar power lately. Earlier this month we reported that MidAmerican Energy, a subsidiary of Buffett's Berkshire Hathaway, would buy the 550-megawatt Topaz Solar Farm from First Solar. Now Mr. Buffett is buying into another solar project, once again built by First Solar, but this time they are only getting 49% of it from its current owner, NRG Energy Inc.
First Solar/Screen capture
Great to See the Smart Money Interested in SolarThe Agua Caliente solar project, as it is known, is located 65 miles east of the city of Yuma on the former White Wing Ranch in Arizona. Its capacity rating is 290 megawatts, or enough to power between 56,000-100,000 US homes, depending on which source you believe.
Construction began in 2010 and is suppose to create 400 construction jobs, and operations are scheduled to being in May 2013.
It's good to see interest in clean energy by the savviest investor around. If we are to clean up the power grid, we'll need both governments and private financiers to invest a lot of money into costly infrastructure (costly at first, but after it's up and running, the sun and wind are free).