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MidAmerican to buy 2 Calif. Solar power projects

Published on NewsOK Modified: January 2, 2013 at 5:32 pm •  Published: January 2, 2013
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The market for renewable energy is especially promising in California because the state set an ambitious goal to have one-third of its electricity derived from renewable sources by 2020.

Southern California Edison's Nicole Neeman Brady said the MidAmerican development will help the utility meet California's renewable energy goals.

SunPower CEO Tom Werner said this deal is a big positive for his 25-year-old company, because it will bring in nearly as much revenue as SunPower expected to generate in 2012.

Werner said this project is also important for the industry because its size and cost will show that solar power is competitive with traditional fossil fuels. And SunPower will benefit from being able to say that a unit of Buffett's company invested in its work.

"Because of the size of this project, we think it's a stamp of credibility for our company," he said.

Werner expects to see similar projects built all across the southwestern U.S. in the next few years.

SunPower operates more than 1,000 megawatts of solar power plants globally. Its shares rose 51 cents, or 9.1 percent, to close at $6.13.

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Follow Josh Funk online at www.twitter.com/funkwrite

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Online:

MidAmerican Renewables: www.midamericanrenewablesllc.com

SunPower: www.sunpowercorp.com

Berkshire Hathaway Inc.: www.berkshirehathaway.com