January 2, 2013 / 7:41 PM / 5 years ago

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

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.

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