Buffett Plans More Solar Bonds After Topaz Deal

Bloomberg News

Warren Buffett’s MidAmerican Energy Holdings Co. is planning a second round of bonds to finance its $2.4 billion Topaz Solar Farm in California after investors sought more of the debt than was offered in the first public issuance for a U.S. photovoltaic power project.

The first Topaz bond offering, for $850 million, was oversubscribed by more than $400 million. Fitch Ratings, which gave the deal its lowest investment-grade rating of BBB-, said the second tranche will probably cover the balance of the $1.265 billion in debt MidAmerican needs to complete the 550-megawatt project.