Thursday, 22 December 2011

Google Invests $94 Million in Solar Energy

Google, in partnership with investment
firm KKR, is making a $94 million investment in four solar energy farms near Sacramento, California.

In a Tuesday blog post, Google noted that it has already committed to outfitting solar panels on the roofs of more than 10,000 home, but this is its first broad-scale investment in the energy grid.

Recurrent Energy, which already has a 20-year deal with the Sacramento Utility District, will be responsible for the construction and operation of the facilities.

"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," wrote Google Treasury assistant treasurer Axel Martinez.

With a capacity of 88 MW, the new farms will be able to power upwards of 13,000 homes.

According to the Wall Street Journal, this deal will also allow Recurrent to quickly fund and build future solar farms.

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