Energy provider MidAmerican Solar, part of investor Warren Buffett's empire, has announced the acquisition of SunPower’s 579MW Antelope Valley solar projects currently under development in the US.
SunPower will be the engineering, procurement and construction contractor at the 3,230-acre site, located across Kern and Los Angeles counties, and will operate and maintain the facility via a multiyear services agreement.
The EPC contract is worth between US$2 billion and US$2.5 billion payable by MidAmerican to SunPower over the course of the two year construction period of each project.
The Antelope Valley Solar Projects will provide renewable energy to electricity supplier Southern California Edison (SCE) under two long-term power purchase contracts approved by the California Public Utilities Commission.
According to estimates provided by the US Environmental Protection Agency, the project is expected to offset more than 775,000 tons of carbon dioxide emissions per year, which is equivalent to removing almost three million cars from California's highways over 20 years of the plant's operation.
“The Antelope Valley Solar Projects mark a historic milestone for the energy industry,” said Howard Wenger, SunPower President. “We are delivering highly reliable low-cost renewable energy at a very large scale. SunPower is proud to partner with MidAmerican Solar and SCE, recognised leaders in clean energy development, bringing critically needed jobs and economic opportunity to California and helping the state achieve its renewable portfolio requirement.”
Construction of the solar project is scheduled to begin in first quarter 2013, with the plants expected to be completed by year-end 2015.