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Further funding for Topaz Solar Farm

Further funding for the Topaz Solar Farm in California is to be secured through the bond market.

The news follows the positive response from the first bond issue in February by Warren Buffett’s MidAmerican Energy Holdings.

The 550MW project, which was bought from First Solar is the first major US solar project without a government guarantee.

The first bond issue aimed to raise $700m but ended up with a subscription of $1.2 billion.

The second tranche will probably cover the balance of the $1.27 billion debt needed to complete the plant, which will use First Solar thin-film panels and its engineering, procurement and construction services.

Mr Buffett has recently been acquiring wind and solar assets and said in his annual letter to Berkshire shareholders in late February, “Many more wind and solar projects will most certainly follow.”