Warren Buffett buys one of world's top two solar projects

Billionaire investor Warren Buffett's utility company Mid American Energy Holdings is betting on solar energy by acquiring the $2-billion Topaz Solar Farm project from First Solar, the world's biggest solar company by market value.

The Topaz Solar Farm, one of the two largest photovoltaic (PV) projects in the world, both being built by First Solar, will be integrated into MidAmerican, a holding company controlled by Buffett's Berkshire Hathaway.

Located in San Luis Obispo County, California, the Topaz Solar Farm is being built on 3,500 acres of unproductive farmland, and is being developed by Tempe, Arizona-based First Solar Inc.

It has a 550- megawatt capacity, equal to about half a new nuclear reactor, and has a 25-year power sale contract with Pacific Gas and Electric, one of California's largest energy providers.

The Topaz project, which is expected to be completed by 2015, will be able to generate enough renewable energy for about 160,000 homes around California. First Solar has agreed to build and operate the plant.

"Adding solar energy to our generation portfolio is a strategic move to invest in yet another renewable energy source..." said Greg Abel, chief executive of MidAmerican Energy.