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USA: Buffet’s agreement could boost solar power in the U.S.

LOS ANGELES, CA (Catholic Online) – The U.S. still relies on fossil fuels for 83 percent of its energy needs, with solar power only accounting for only one percent of the country’s alternative energy production. In addition, high-profile bankruptcies haven’t helped the cause of solar power, most noticeably that of Fremont, California based Solyndra, which folded last September after receiving a $535-million federal loan guarantee.

Green energy supporters said the move by Buffett’s company could get other investors to focus on solar energy’s strengths, which have been disregarded in the face of recent bad publicity.

While the purchase of the photovoltaic farm is considerably more modest than his $34-billion purchase of BNSF Railway, but it could give a similar kind of boost to the solar power business that the 2009 acquisition did to the railroad industry, experts said.

“In a lot of ways, this is classic Warren Buffett,” Bruce Bullock, executive director of the Maguire Energy Institute at Southern Methodist University says. “He comes into an industry that is starving for capital investment. At the same time, this is something that also tells people it’s time to take solar power seriously.”


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