Buffett buys solar power

Discussion in 'Environment' started by Chris, Dec 8, 2011.

  1. Chris
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    Chris Gold Member

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    The agreement by investor Warren Buffett's MidAmerican Energy Holdings to buy a $2-billion photovoltaic farm in San Luis Obispo County could bring a ray of financial sunshine to the battered solar-energy industry.

    The scale of Buffett's foray into this sector of the renewable energy scene is considerably more modest than his $34-billion purchase of BNSF Railway, but it could provide the same kind of boost to the solar power business that the 2009 acquisition did to the railroad industry, experts said.

    "In a lot of ways, this is classic Warren Buffett," said Bruce Bullock, executive director of the Maguire Energy Institute at Southern Methodist University. "He comes into an industry that is starving for capital investment. At the same time, this is something that also tells people it's time to take solar power seriously."

    MidAmerican is buying the 550-megawatt, thin-film photovoltaic solar energy development called Topaz Solar Farm from First Solar Inc. of Tempe, Ariz., the two companies said Wednesday. How much the Berkshire Hathaway Inc. subsidiary is paying for the solar project, which will be able to generate electricity for about 160,000 homes, wasn't disclosed.

    First Solar will build and operate the solar plant for MidAmerican, the companies said.

    The U.S. solar industry has struggled for several reasons. It has been bludgeoned by falling solar-panel prices and, some say, unfair competition from China.

    Warren Buffett-owned company to buy California solar farm - latimes.com
     
  2. Sirkarl101
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    Sirkarl101 Member

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    Indeed we all know that what the oracle does others tend to follow. It is about time. I myself have considered the purchase of a solar generator. For $4,000.00 I can power most of my home. That is a proposition I am very much considering as the price will never rise or fall. The replacement of the batteries is costly at every ten years and $2,300.00 however that price may come down.

    Caution should be taken however as Mr. Buffet is all about the money and if he does not get fair trade with China, he is left with little alternative but to do business with them.

    I myself use solar in an unusual way I think. I bought those driveway lights on clearance at $1.50 a piece and use them as lighting in the P.M. They save me a few dollars and are not as efficient as ac lights but they do the job.

    I expect Mr. Buffet will get into the electric car company next. If you can use a solar generator to charge your electric car, this would be great.

    Overall Mr. Buffet involvement is a good sign.
     
  3. Old Rocks
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    Old Rocks Diamond Member

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    Actually, Buffet is already into electric cars with an investment in a Chinese company.

    Electric Cars In Los Angeles: Chinese Carmaker Byd Co. Setting Up Shop In LA

    LOS ANGELES — Chinese electric carmaker BYD Co. opened its North American headquarters on Monday, a move that officials said could bring hundreds of jobs and provide a U.S. hub for sales and research.

    The opening will be "a catalyst that ushers in good jobs, global investment and a more sustainable future," Los Angeles Mayor Antonio Villaraigosa said.

    Agreements were signed at the two-story building, which is surrounded by traditional car dealerships. Officials were driven to the ceremony in a BYD-built all-electric bus that the Hertz rental company is adding to its shuttle fleet at Los Angeles International Airport.

    Hertz Corp. also is making the company's e6 – a five-seat electric car with a 187-mile range – available for rentals at the airport.

    BYD, which is backed by billionaire Warren Buffett, makes electric and hybrid cars, charging systems, solar panels and LED lighting. BYD will import its electric cars and buses from overseas, concentrating on fleet sales but beginning consumer sales next year.
     
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  4. westwall
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    westwall USMB Mod Staff Member Gold Supporting Member Supporting Member

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    I wonder how much cash from we the taxpayers he's going to get for buying the company.
     
  5. Political Junky
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    Political Junky Gold Member

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    So now you're against corporate welfare.
     
  6. skookerasbil
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    skookerasbil Gold Member

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    Laugh..........my.........balls..........off..................

    And I purchased a package of LED bulbs last week!!!

    Nobody cares........as Ive been saying for years now.

    Last week in South Africa was a total disaster for the climate summit. Even far left writer Eugene Robinson can only muster up the brilliance of the summit ( in his opinion) by branding it like this.............

    "My conclusion is that for now, at least, the conceptual advance made in Durban is as good as it gets"

    RealClearPolitics - Reason to Smile About Durban Climate Conference

    These Disney people in South Africa are still talking about "conceptual advances":D:D:D.........meanwhile, countries like Canada are pulling out of this fraud.



    Solar and wind power is a joke and to be even talking about it having any significant impact on meeting our energy needs is about as producutive as an exercise in group navel contemplation.:gay:


    How do we know?

    Because at the summit, the attitude of the United States representatives was "Meh"

    Durban Climate Change Conference: US refusal to negotiate carbon emissions cuts risks derailing summit - Telegraph

    Why? Because current economic conditions make it IMPOSSIBLE for us to contribute = a political reality.:rock::rock:


    The plain fact is........the environmental radicals never have and never will be able to comprehend that life is about having the ability to recognize necessary tradeoffs. Indeed..........most people are grounded enoough to realize that you cant purchase a 7 Series BMW on a 30K salary!!


    :blowup::blowup::blowup::blowup::blowup::blowup::blowup::blowup::blowup::blowup:
     
  7. skookerasbil
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    skookerasbil Gold Member

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    [​IMG]





    Chris s0n........you easily win the award for being the most naive asshole on the entire board. This guy saw too many re-runs of "Field of Dreams". s0n.......they really didnt come out of that cornfield.

    Time to get the fcukk out of the house and into the community. Join a club. Take up a hobby.
     
    Last edited: Dec 14, 2011
  8. Two Thumbs
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    Two Thumbs Platinum Member

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    I don't think I care what Buffett does.

    Way to many of these green companies get billions from taxpayers, go under, get billions more, move out of the country and barely eek out an existance.

    But good luck to him.
     
  9. westwall
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    westwall USMB Mod Staff Member Gold Supporting Member Supporting Member

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    Allways have been. Had you bothered to read any of my posts on the subject you'd know that.:wink_2:
     
  10. PoliticalChic
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    PoliticalChic Diamond Member

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    Dec. 14 (Bloomberg) -- First Solar Inc., the world's largest maker of thin-film solar panels, reduced profit estimates for this year and next and said it will cut about 100 jobs as it shifts its focus to large-scale utility plants.

    The company's second restructuring in six weeks caused the stock to plunge 21 percent to its lowest price since February 2007. The shares have declined 74 percent this year, the largest drop in the Standard & Poor's 500 Index. Most of the job cuts will occur at a research unit in California.
    First Solar Cuts Sales, Profit Guidance in Reorganization - BusinessWeek
     

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