New Projects, Solar

MidAmerican buys stake in NRG solar plant

Warren Buffett’s MidAmerican Energy Holdings has agreed to buy a 49 percent stake in NRG Energy Inc.’s (NYSE: NRG) $1.8 billion Agua Caliente solar project. This marks the company’s second investment in solar this month.

The 290 MW plant is being built in Arizona by First Solar Inc. (Nasdaq: FSLR), which expects to complete the installation of its panels by 2014, NRG said in a statement. Terms of MidAmerican’s purchase weren’t disclosed.

Power from the plant, which won a $967 million loan guarantee from the U.S. Energy Department this year, will be sold to PG&E Corp. (NYSE: PCG) under a 25-year contract at undisclosed prices.

MidAmerican on Dec. 7 agreed to buy the entire $2 billion Topaz power plant in California from Tempe, Arizona-based First Solar.

Read more mergers and acquisitions news