Warren Buffet-owned Berkshire Hathaway subsidiary MidAmerican Energy has agreed to acquire NV Energy, for about $5.6bn.

The deal, expected to be completed in the first quarter of 2014, includes about $4.7bn in assumed debt, for a total enterprise value of about $10bn.

Following the completion of the acquisition, MidAmerican Energy will have assets valued at around $66bn.

Commenting on the deal, NV Energy president and CEO Michael Yackira said that the acquisition will enable the company to combine MidAmerican’s expertise in renewable energy with Nevada’s vast renewable resources.

MidAmerican chairman, president and CEO Greg Abel said, "This partnership combines the strengths of two companies that share a common goal of serving our customers well through operational excellence and enhancing value for the communities we serve.

"Part of what attracted MidAmerican to NV Energy is its solid commitment to the state of Nevada and its performance as a high-quality energy business that has a strong focus on customer satisfaction, safety, environmental stewardship, and employee commitment."

Meanwhile, NV Energy is aiming to get one-fourth of its power from renewable sources by 2025.