SunPower inks $2.5 bln deal with Buffett's MidAmerican Energy

Wed Jan 2, 2013 2:41pm EST

Jan 2 (Reuters) - SunPower Corp said it sold two large 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.

The Antelope Valley solar projects, which SunPower says is the world's largest photovoltaic power development, have been sold to a unit of MidAmerican Energy Holdings Co, a part of Berkshire Hathaway.

Construction for the projects -- with a combined capacity of 579 megawatt -- will begin in the first quarter of 2013 and is expected to be completed by the end of 2015.

SunPower will get between $2.0 billion and $2.5 billion for the projects including charges for designing, installing and constructing the projects, the company said in a regulatory filing on Wednesday. []

Shares of SunPower were up 9 percent at $6.14 in afternoon trading on the Nasdaq.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article