The King of Wind Now Investing in SolarThe super-investor from Omaha is rapidly turning into the king of wind power in the USA, and his recent foray into solar power could be the beginning of something big. Indeed, almost exactly one year ago Mr. Buffett wrote to his shareholders about MidAmerican Energy (a subsidiary of Berkshire Hathaway, the holding company that Buffett controls - it's 60+ billion dollars of that stock that he's giving to charity) "will have 2,909 megawatts of wind generation in operation by the end of 2011, more than any other regulated electric utility in the country. The total amount that MidAmerican has invested or committed to wind is a staggering $5.4 billion."
MidAmerican will have 3,316 megawatts of wind generation in operation by the end of 2012, far more than any other regulated electric utility in the country. The total amount that we have invested or committed to wind is a staggering $6 billion. We can make this sort of investment because MidAmerican retains all of its earnings, unlike other utilities that generally pay out most of what they earn. In addition, late last year we took on two solar projects – one 100%-owned in California and the other 49%-owned in Arizona – that will cost about $3 billion to construct. Many more wind and solar projects will almost certainly follow.
For more details about his solar power investments, see our posts:
- Warren Buffett Buys 49% Stake in Arizona's 290-Megawatt 'Agua Caliente' Solar Project
- Warren Buffett's Utility to Buy Massive Californian Solar Farm (550MW) from First Solar