Warren Buffett has pumped a $2bn stake into solar energy, with the veteran investor acquiring two power plant projects in California from solar firm SunPower.
This is the third time in a year that Buffett's MidAmerican Energy Holdings Company, a subsidiary of Berkshire Hathaway, has increased its stake in solar investment. The investment will enable SunPower to design, install and construct the two power plants. When construction of the projects is completed in 2015, Buffett will have a stakehold in the world's largest photovoltaic power development. SunPower shares rose 9% to $6.13 yesterday on the Nasdaq, their highest closing in around eight months, according to Reuters.
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