Buffett Says He Will Double Investment in Renewables

Source: Thinkstock

Source: Thinkstock

U.S. financier Warren Buffett, already one of his country’s largest investors in clean technologies, says he’s prepared to double his stake in renewable energy. Speaking June 9 in Las Vegas, he noted that his investment company, Berkshire Hathaway, already had invested about $15 billion in clean energy enterprises, and added that he has “another $15 billion ready to go, as far as I’m concerned.”

Earlier in his career, Buffett tended to invest in high-return businesses, but more recently he has said that he likes the renewable energy industry because it’s ripe for reinvestment and broader acquisitions. A prime example is an energy holding company in Iowa with an expansion that Buffet funded in 2000.

That company, now known as Berkshire Hathaway Energy, runs electric grids in Britain, gas pipelines that cross the United States, and electrical utilities in several U.S. states. It keeps all its earnings unlike many other energy companies, meaning it has on hand plenty of money — about $30 billion — to invest in the coming years.

“We’re going to keep doing that as far as the eye can see,” Buffett told the Edison Electric Institute’s annual convention. “We’ll just keep moving.”