(BRK.A), (BRK.B)
Berkshire Hathaway Energy has acquired the Minnesota Community Solar Garden developments from Geronimo Energy, LLC.
The portfolio of solar projects was acquired by BHE Renewables, LLC, which is a subsidiary of Berkshire Hathaway Energy.
The acquisition will give BHE an additional of 66 megawatts of solar garden projects spread across 21 locations and 16 Minnesota counties when construction is completed at the end of 2017.
The deal is the second between BHE and Geronimo in the last twelve months.
In May 2015, BHE acquired Geronimo’s Grande Prairie Wind Farm in Holt County, Nebraska; the to be developed Walnut Ridge Wind Farm in Bureau County, Illinois; and a portfolio of future Minnesota solar projects.
The total combined solar power portfolio will produce nearly 100 MW of electricity.
Working with Utility-Scale Developers
Berkshire has a strategy of purchasing solar projects from outside developers, including the 579 megawatt Solar Star Projects (formerly Antelope Valley Solar Projects), which are two co-located solar installations in Kern and Los Angeles Counties in California, that were purchased from SunPower in 2013
This latest deal will not be the last between Berkshire and Geronimo, a utility-scale wind and solar energy developer based in Edina, Minnesota.
“We are pleased to expand our partnership with BHE Renewables,” says Geronimo Energy President, Blake Nixon. “Geronimo looks forward to continuing to grow our relationship with BHE Renewables through our work in Community Solar Garden programs and deliver on our promise to positively impact rural economies, specifically here in our home state of Minnesota.”
© 2016 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.