SunPower inks $2.5 billion deal with Buffett's MidAmerican Energy

SunPower Corp said it sold two large solar projects in California to a company controlled by Warren Buffett's Berkshire Hathaway Inc , and would receive up to $2.5 billion in proceeds and related contracts.

The Antelope Valley solar projects, which SunPower says is the world's largest photovoltaic power development, have been sold to a unit of MidAmerican Energy Holdings Co, a part of Berkshire Hathaway.

Construction for the projects -- with a combined capacity of 579 megawatt -- will begin in the first quarter of 2013 and is expected to be completed by the end of 2015.

SunPower will get between $2.0 billion and $2.5 billion for the projects including charges for designing, installing and constructing the projects, the company said in a regulatory filing on Wednesday.

Shares of SunPower were up 9 percent at $6.14 in afternoon trading on the Nasdaq.

(Reporting By Garima Goel in Bangalore and Nichola Groom in Los Angeles)