Buffett holding makes California solar purchase

Author: By Aaron Smith
Published On: Jan 03 2013 08:06:15 AM EST   Updated On: Jan 03 2013 09:45:51 AM EST
NEW YORK (CNNMoney) -

MidAmerican Energy Holdings Co., a unit of Warren Buffett's conglomerate Berkshire Hathaway, has purchased two solar power projects in a deal valued at between $2 billion and $2.5 billion.

MidAmerican, the electric utility, said Wednesday it has purchased the Antelope Valley Solar Projects from SunPower Corp.

Based in Los Angeles and Kern in California, the projects convert energy from light into electricity. The companies said the combined projects are the largest solar photovoltaic power development in the world.

The projects are still under development, and are expected to be completed by the end of 2015. They are expected to create 650 construction jobs.

SunPower's stock price surged 20% at the open of trading Thursday.

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