MidAmerican completes $1 billion bond offering for 579 MW California projects01. July 2013 | Applications & Installations, Global PV markets, Industry & Suppliers, Markets & Trends | By: Edgar Meza
Warren Buffett’s MidAmerican Energy will finance the construction of its 579 MW photovoltaic projects in Southern California with a newly completed $1 billion bond offering.
Solar Star Funding, LLC, a subsidiary of Warren Buffett’s MidAmerican Energy Holdings Co., has completed its $1 billion bond offering for its 579 MW Solar Star Projects in Southern California.
The company will use the proceeds from the 5.375% Series A Senior Secured Notes offering for the the continued construction of its 579 MW Solar Star 1 and Solar Star 2 projects in Southern California, formerly known as the Antelope Valley Solar Projects.
MidAmerican, a division of Buffet's Berkshire Hathaway, acquired the Antelope Valley projects from U.S.-based module manufacturer SunPower Corp. in January for more than $2 billion. SunPower initially developed the projects, which employ the company’s own solar panels and trackers, on 3,230 acres of land spanning Kern and Los Angeles Counties near Rosamond, California. The two projects are under 20-year power purchase agreements with local utility Southern California Edison (SCE), which serves the nearby cities of Rosamond, Lancaster and Palmdale.
MidAmerican Solar and SunPower began main construction of the projects in April and will continue through 2015. MidAmerican expects to employ about 650 workers during the three-year construction period and generate more than $500 million in regional economic impact.
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