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Buffett Utility Buys SunPower Projects in $2.5 Billion Bet

Warren Buffett’s MidAmerican Energy Holdings Co. agreed to spend as much as $2.5 billion to build two solar projects in California that are set to be the world’s largest photovoltaic development.

MidAmerican acquired the 579-megawatt Antelope Valley projects in Kern and Los Angeles counties from SunPower Corp., according to a statement today. MidAmerican will pay San Jose, California-based SunPower $2 billion to $2.5 billion for the projects and a three-year contract to build them. SunPower also will operate and maintain the projects under a multi-year agreement with MidAmerican.