First Solar (FSLR) Sells Topaz Plant to Buffett's MidAmerican Energy
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Warren Buffett's MidAmerican Energy, a unit of his Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B), will buy First Solar's (NYSE: FSLR) 550-megawatt Topaz Solar Farm power plant in California, Reuters reported early Wednesday.
First Solar sought a sale of the plant after failing to secure U.S. government financing to construct the massive $2 billion plant, expected to power up to 160,000 homes in California.
MidAmerican is adding solar to its growing portfolio of renewable-energy offerings. The company already operates wind-powered energy generation facilities.
Financial terms were not disclosed.
First Solar's stock, which has been under massive pressure this year, is reacting positively to the news. First Solar shares are up 6.5 percent in pre-open trading Wednesday.
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First Solar sought a sale of the plant after failing to secure U.S. government financing to construct the massive $2 billion plant, expected to power up to 160,000 homes in California.
MidAmerican is adding solar to its growing portfolio of renewable-energy offerings. The company already operates wind-powered energy generation facilities.
Financial terms were not disclosed.
First Solar's stock, which has been under massive pressure this year, is reacting positively to the news. First Solar shares are up 6.5 percent in pre-open trading Wednesday.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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