Buffett buys another $2.5 Billion of Solar Projects

More investment into renewables from the man that is Warren Buffet - now who would question his investment wisdom over the past few years ??

Warren Buffett’s MidAmerican Energy Holdings Co. agreed to spend upto $2.5 billion to build two solar projects in California that are set to be the world’s largest photovoltaic development.

Buffett has been increasing investment in wind and solar farms and last year formed a MidAmerican unit to support the projects it’s acquired, including the $2.4 billion 550-megawatt Topaz solar farm in California. Chief Financial Officer Patrick Goodman said in November the company favors bets on renewable energy amid high utility valuations. California is the biggest U.S. solar market.

Construction of the Antelope Valley project is due to begin this quarter, with completion by the end of 2015.

“Together, the two combined projects will create an estimated 650 jobs during construction,” according to the statement. The projects will provide energy to Edison International under two long-term power-purchase contracts.

MidAmerican Renewables, a subsidiary of MidAmerican Energy, has more than 1,830 megawatts of assets.