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SunPower Inks $2.5B Deal with Buffett Utility

(Reuters)

SunPower Corp said it sold two solar projects in California to a company controlled by Warren Buffett's Berkshire Hathaway Inc, and would receive up to $2.5 billion in proceeds and related contracts.

Berkshire utility MidAmerican Energy Holdings Co will pay SunPower between $2.0 billion and $2.5 billion for the 579-megawatt (MW) Antelope Valley solar projects and for designing, installing and constructing them, the company said in a regulatory filing on Wednesday.

Construction of the projects, which the companies called the world's largest photovoltaic power development, will begin this quarter and is expected to be completed by the end of 2015.

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