Buffett holding makes California solar purchase

An energy company owned by Warren Buffett's Berkshire Hathaway is buying two large solar projects in California.

NEW YORK (CNNMoney)

MidAmerican Solar, a subsidiary of the holding company owned by Buffett's Berkshire Hathaway (BRKA, Fortune 500), said Wednesday it has purchased the Antelope Valley Solar Projects from SunPower Corp (SPWR).

The projects are a pair of photovoltaic developments in Kern and Los Angeles counties comprising more than 3,230 acres. The projects are still under development. Construction is planned to begin in the first quarter of 2013 and to be completed by the end of 2015.

Related: Berkshire Hathaway repurchases $1.2 billion in shares

The companies described the combined projects as the largest permitted solar photovoltaic power development in the world and said it will create 650 construction jobs.

SunPower's stock price surged nearly 10% in premarket trading Thursday.

The companies said that panels at the twin projects are designed to track the sun as the earth moves during the day, increasing the capture of solar power by 25%.

First Published: January 3, 2013: 8:05 AM ET

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