Published on June 24th, 2013 | by Adam Johnston0
MidAmerica Energy To Boost 579 MW Antelope Valley Solar Project Investment
MidAmerican Energy Holdings is set to boost its investment in the Antelope Valley Solar Projects (AVSP). PV Magazine has noted that the company will put up $700 million to finance the 579 MW project. Financing is due in 2035. Solar Star Funding LLC, which was founded by MidAmerican Energy, is providing the secured notes to back the venture.
The $2,742 billion project is located between two California counties: Kern and Los Angeles. SunPower, who is installing and providing the solar panels, is using their own brand of tracking technology to watch installations between both locations. Project completion is due by 2015.
It is hoped that the AVSP will add towards California’s already glowing track record for solar energy. California was number one in US PV installations in 2012.
Acquired in December last year, the AVSP is part of a diversified renewable energy portfolio for MidAmerica Energy totalling over 6.4 GW. Other renewable energy investments in their portfolio include: $1.9 billion recently invested for Iowa-based wind farms; a 3 MW hydroelectric plant in Moline, Illinois; geothermal operations in California’s Imperial Valley; and a hydroelectric dam in the Philippines.
Owned By Warren Buffet, MidAmerican Energy made news in late May in trying to further their western US operations by announcing a bid to buy Las Vegas based utility NV Energy Inc. for $5.6 billion.
Whether this means further expansion of new alternative energy opportunities remains to be seen for MidAmerican Energy. However, if previous track records prove otherwise, than don’t be surprised if further cleantech investments pop up from Mr. Buffett’s energy company in the near future.