Google is ending 2011 with an investment that brings its total of renewable energy investments to an impressive $915 million. The online search and advertising juggernaut this morning announced that it is pumping $94 million in a portfolio of four solar photovoltaic projects being built near Sacramento, California by a solar development company called Recurrent Energy.
From the blog post announcing the equity investment (PDF):
We’ve already committed to providing funding this year to help more than 10,000 homeowners install solar PV panels on their rooftops. But this investment represents our 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 facilities will serve serving the Sacramento Municipal Utility District (SMUD).
Construction on three of the Sacramento area projects will be completed in early 2012, with the fourth coming online later in the year, Recurrent Energy says.
The solar development company, as well as global investment firm Kohlberg Kravis Roberts & Co. (through a new venture dubbed SunTap Energy), are co-investing in the projects alongside Google.
Google provides search and advertising services, which together aim to organize and monetize the world’s information. In addition to its dominant search engine, it offers a plethora of online tools and platforms including: Gmail, Maps, YouTube, and Google+, the company’s extension into the social space. Most of its Web-based products are free, funded by Google’s highly integrated online advertising platforms AdWords and AdSense. Google promotes the idea that advertising should be highly targeted and relevant to users thus providing...
As a leading provider of distributed solar power, Recurrent Energy is overcoming the barriers to widespread solar adoption, making renewable energy a practical choice for todayâ€™s large scale energy users. They are a developer and owner of locally-sited solar power systems, selling clean electricity to their customers worldwide at competitive rates via a Power Purchase Agreement (PPA) or Feed-in Tariffs (FiT). In return, their utility, commercial, and government customers achieve energy independence, predictable pricing, and enhanced sustainability.
KKR is a leading global alternative asset manager with three primary business lines: private equity, fixed income and capital markets. Their intellectual capital, their integrated global investment platform, and their experience in adapting investment strategies to market conditions allow us to invest successfully at every level of a company’s capital structure. Recent News KKR has partnered with The American Red Cross to create “Wellness Works”, which is helping to create better wellness in the workplace. KKR also launched a “green”...