The two plants together represent the largest solar assets in the world. Scheduled to be built in Southern California, the Antelope Valley Solar Projects, as they are called, are worth between $2 and $2.5 billion collectively.
Solar stocks soared as word of Buffett’s investment spread. Stocks rose for prominent solar companies SunPower, JA Solar, Yingli Green Energy, Suntech, and First Solar. Even SolarCity, when only recently went public, saw its stocks rise, too.
Buffett seems to be an advocate for solar power these days. Last year MidAmerican Energy Holdings spent $2 billion to buy Topaz Solar Farm as well as a 49% interest in the $1.8 billion Arizona solar project Agua Caliente.
Advocates for clean energy are hoping investors will be inspired by Buffett’ support of the solar industry and will begin investing themselves.