(BRK.A), (BRK.B)
BYD Co. Ltd., the Chinese battery and vehicle-maker that is 10% owned by Berkshire Hathaway, has signed a deal in Jordan to provide polycrystalline solar photovoltaic modules for the largest private photovoltaic project in the Middle-East country. The project will supply electricity to a number of luxury hotels.
Partnering with Phoenix Solar, BYD will build three power plants that will supply all the electricity needs of Arab International Hotels, plc (owner of Marriott Amman), Al Dawliyah Hotels & Malls, plc (owner of Sheraton Amman) and Business Tourism Company (owner of Marriott Dead Sea and Marriott Petra).
The goal of the solar project is to reduce to zero the carbon impact of power generation, eliminating 10.7 million kilograms of CO2 emissions per year that would ordinarily be produced through burning fossil fuels.
Phoenix Solar will handle the engineering, procurement and project management. The solar plants will be built in the Mwaqqar and Damikhi/Qatraneh areas, connecting to the electrical networks Jordan Electric Power Co, plc and Electric Distribution Company, plc.
“This project is a milestone in pursuing our ambitious environment targets of zero CO2 emissions,” said Bassam Maayeh, Managing Director of Arab International Hotels, and spokesman for the consortium of hotels involved.
In 2008, Berkshire Hathaway bet on BYD’s potential and purchased 225 million shares, and today owns roughly 9.1% of the company.
For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.
© 2015 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.