Warren Buffett is going solar. The CEO of Berkshire Hathaway is stepping in where the government fears to tread, so to speak, as Berkshire’s MidAmerica Energy Holdings unit agreed to buy the $2 billion Topaz project in California after a U.S. government loan guarantee for the project fell through.
The Topaz Solar Farm in San Luis Obispo County was to have been financed through a government-guaranteed loan, according to a Bloomberg report, but the company was unable to secure that, since it failed to meet a government deadline at the end of September. MidAmerican Energy, a Des Moines, Iowa-based natural gas and power supplier owned by Buffett (left), announced jointly with Topaz on Wednesday that the project will proceed under the direction of the seller, First Solar Inc. of Tempe, Ariz. The statement they released did not disclose the financial aspects of the deal.