Market Chatter: UPDATE: Buffet Utility Spending Up To $2.5 Bln On Projects; Buffett's Chosen Successor Doesn't Know He Has Been Chosen


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Warren Buffett's MidAmerican Energy Holdings Co. (BRK.A) agreed to spend as much as $2.5 billion to build two solar projects in California that are set to be the world's largest photovoltaic development, Bloomberg reported.

MidAmerican acquired the 579-megawatt Antelope Valley projects in Kern and Los Angeles counties from SunPower Corp. ( SPWR ), according to a statement today. MidAmerican will pay San Jose, California-based SunPower $2 billion to $2.5 billion for the projects and a three-year contract to build them. SunPower also will operate and maintain the projects under a multiyear agreement with MidAmerican.

Meanwhile, Warren Buffett's chosen successor as chief executive officer of Berkshire Hathaway does not know he has been chosen for the role, Buffett reportedly told CNBC on Monday.

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This article appears in: Investing , Commodities

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