'We are the leader in renewables': Warren Buffett
Warren Buffett touted his investment in renewables in his latest letter to shareholders and promises to keep looking for opportunity beyond his current businesses.
"[We] are the leader in renewables: first, from a standing start nine years ago, we now account for 6% of the country’s wind generation capacity. Second, when we complete three projects now under construction, we will own about 14% of U.S. solar-generation capacity," writes Buffett.
Buffett estimates that the renewable portfolio will have cost US$13 billion.
"Our confidence is justified both by our past experience and by the knowledge that society will forever need massive investment in both transportation and energy. It is in the self-interest of governments to treat capital providers in a manner that will ensure the continued flow of funds to essential projects.
"We relish making such commitments if they promise reasonable returns – and on that front, we put a large amount of trust in future regulation."
In December Buffett's company, MidAmerican Solar, paid $2 billion to $2.5 billion for the 579-megawatt Antelope Valley Solar Projects from SunPower Corp., the largest photovoltaic project in the world
Buffett said he will continue to ". . . to search for acquisitions unrelated to our current businesses."
Buffett's Berkshire Hathaway Inc. 4Q was weaker than analysts estimates coming in at $1,704 a share rather than an expected $1,755.12 a share.
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