Warren Buffett firm to buy land for renewable energy in West Virginia

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Warren Buffett firm to buy land for renewable energy in West Virginia

A firm owned by billionaire businessman Warren Buffett is working with the state of West Virginia to buy land for an industrial park powered by renewable energy, Gov. Jim Justice announced Tuesday.

The Republican governor said that Berkshire Hathaway Energy's BHE Renewables is purchasing and developing more than 2,000 acres in Ravenswood.

Precision Castparts Corp., a business of Omaha, Nebraska-based Berkshire Hathaway, will be the first to locate there. Precision Castparts will build a facility that will use renewable energy to make titanium products for the aerospace and other industries, Justice said.

Justice and Sensations made separate statements. Joe Manchin and Shelley Moore Capito of West Virginia didn't say how many jobs were involved in Tuesday's announcement. PCC Metals President Steve Wright said it would be in the hundreds.

West Virginia is investing in renewable energy to strengthen and diversify its economy by investing in renewable energy, a move by coal-dependent West Virginia.

Justice said that this is a monumental announcement that will pay dividends for generations to come.

A bill passed by the Legislature on Monday was passed by Justice that would establish a program to incentivize businesses that want to use renewable energy to come to the state or expand operations.

The bill allowed the creation of two districts where a cluster of businesses can share renewable energy on-site. The districts wouldn't be subject to the jurisdiction of the state Public Service Commission. The districts must be on land sold or leased by a state or municipality, or on land previously used for coal mining.