The deal is valued at $2bn – $2.5bn and is the much-celebrated investor’s third foray into the renewable energy space since the beginning of 2012.
Commenting on the acquisition MidAmerican Renewables president Bill Fehrman remarked that the deal is consistent with the company’s principles of respecting the environment.
"MidAmerican Renewables, a subsidiary of MidAmerican Energy Holdings Company, has a total portfolio of more than 1,830 megawatts of owned assets, including wind, geothermal, solar and hydro assets," highlighted Fehrman.
According to SunPower the two projects together form the largest permitted solar photovoltaic power development in the world.
The solar panel manufacturer will deploy its SunPower Oasis Power Plant modules at the two co-located projects in Kern and Los Angeles counties spread across a 3,230-acre site.
SunPower will also provide engineering, procurement and construction services for the projects besides operating and maintaining the facility vide a multiyear services agreement.
Construction of the project is scheduled to begin in first quarter 2013 with the end of 2015 expected to be the completion date.
Southern California Edison will procure the power produced by the two projects, which offset a combined 775,000t of CO2 emissions per annum, through two long-term power purchase agreements.
