Last of 2011: Google Invests $94 Million in Four Solar Photovoltaic (PV) Projects

As the last investment of the 2011, Google just announced of making a new $94 million investment in a portfolio of four solar photovoltaic (PV) projects that brings Google's portfolio of clean energy investments to more than $915 million.Google's Axel Martinez, Assistant Treasurer, Google Treasury, says these "new projects are being built by Recurrent Energy […]

Google GreenAs the last investment of the 2011, Google just announced of making a new $94 million investment in a portfolio of four solar photovoltaic (PV) projects that brings Google's portfolio of clean energy investments to more than $915 million.

Google Invests  $94 million in a portfolio of four solar photovoltaic (PV) projects by Recurrent Energy near Sacramento, California

Google's Axel Martinez, Assistant Treasurer, Google Treasury, says these "new projects are being built by Recurrent Energy near Sacramento, California, and they represents their first investment in the U.S. in larger scale solar PV power plants that generate energy for the grid--instead of on individual rooftops."

These projects have a total capacity of 88 MW, equivalent to the electricity consumed by more than 13,000 homes.

The energy produced by these projects is already contracted for 20 years with the Sacramento Municipal Utility District (SMUD). SMUD recently created a feed-in tariff program (FIT) to help green the grid for Sacramento-area residents.

Martinez writes "We're investing alongside global investment firm KKR and Recurrent Energy, a leading solar developer. Google will provide a $94 million equity investment and SunTap Energy, a new venture formed today by KKR to invest in solar projects in the U.S., will provide the remaining equity."

Adding, "We're joining KKR on their first renewable energy investment in the U.S. We believe investing in the renewable energy sector makes business sense and hope clean energy projects continue to attract new sources of capital to help the world move towards a more sustainable energy future," he said.