MidAmerican to buy solar energy farm in California

MidAmerican Energy Holdings Co. entered into definitive agreements to acquire the planned $2 billion, 550 MW Topaz Solar Farm in California from First Solar (NASDAQ: FSLR). Details about the transaction were not disclosed, but closing is dependent on the satisfaction of certain closing conditions.

First Solar has agreed to construct, operate and maintain the Topaz project for MidAmerican. Construction began in November 2011 and is expected to be complete by early 2015. The project will use First Solar’s thin-film photovoltaic modules.

Pacific Gas and Electric Co. (PG&E, NYSE: PCG) will purchase the electricity from Topaz under a 25-year power purchase agreement.

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