MidAmerican Energy Holdings is set to boost its investment in the Antelope Valley Solar Projects significantly by fronting $700 million to finance the 597 MW project.
Solar Star funding LLC which was founded by MidAmerican Energy is providing the secured notes to back the venture, with financing due in 2035. The $2.742 billion project is located between Kern and Los Angeles, two counties in California. SunPower who is installing and providing the solar panels, is using their own brand of tracking technology to watch installations between the two locations with the project set to be completed by 2015.
California already has a great track record for solar energy and was number one in US PV installations in 2012.
Antelope Valley Solar Projects was acquired last December and is part of a diversified renewable energy portfolio for MidAmerica Energy totalling over 6.4 GW. Other renewable energy investments in their portfolio include $1.9bn recently invested for Iowa-based wind farms, a 3 MW hydroelectric plant in Illinois, geothermal operations in California’s Imperial Valley and a hydroelectric dam in the Philippines.