Buffett to Stake Another $15 Billion on Renewables

Posted on June 11th, 2014 by
   

Buffett to Stake Another $15 Billion on Renewables

Describing Berkshire Hathaway Inc.’s increasing investment in sustainable energy, Warren Buffett had to rely on a deputy, Greg Abel, to remind him that they have already committed $15 billion. Without missing a beat, Buffett said that there’s another $15 billion ready to go. Such bold remarks are common for Buffett as he frequently talks about hunting for elephant-sized acquisitions and making multi-billion stock purchases. Berkshire has been able to plow so much into renewable because it can use tax credits to offset profit at other businesses, says CEO Greg Abel.

Solar Plant in Chile is Now Latin America’s Biggest

SunEdison’s 100MW Amanecer solar plant is now online and is considered to be Latin America’s biggest of its kind. Found in the middle of Chile’s Atacama Desert, the solar plant is expected to produce 270 GWh of electricity per year – enough to power 125,000 homes. Jose Perez, SunEdison’s president for Europe, Africa and Latin America, noted that that the new Amanecer plant demonstrates that PV energy is an ideal way of diversifying Chile’s energy mix, reducing costs and contributing towards meeting demand for sustainable energy.

East Africa Pushes to Adopt Solar Power

Rwanda’s government officials inked a Memorandum of Agreement with Goldsol II energy consortium for the development of a 10 MW solar power plant in the eastern province of Kayonza. Expected to be online by 2014, the $20 million project will be among the largest in East Africa.  The consortium will initially carry out a feasibility study and will then develop a long term agreement to generate and distribute power. Rwanda currently has a solar energy target of 20 MW by 2017.

Iberdrola to Stake $5 Billion in Mexican Energy Infra

Iberdrola SA, Spain’s biggest utility, is looking to invest $5 billion in Mexico over the next four years prompted by expansive reforms in nation’s energy industry. The pact between Iberdrola and the Mexican Federal Electricity Commission involves generation, transmission, distribution and natural-gas storage. The investment includes the $1.5 billion the company is already spending in Mexico, where Iberdrola already owns 5.2 GW of generating capacity, through a combination of wind farms and natural gas plants.

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