Tuesday, December 20, 2011

Google Invests $94M In Utility Scale Solar Energy Plants

Mountain View-based Google is investing $94M in a portfolio of photovoltaic projects, the company said today, in a deal made with Kohlberg, Kravis Roberts & Co. According to the firms, Google and KKR will invest in four, solar photovoltaic (PV) facilities serving the Sacramento area. The firms said the deal includes an equity investment from Google, in addition to equity from new venture Suntap Energy RE LLC, a new venture created by KKR to invest in the projects. KKR said it has committed $95M in a line of equity to SunTap for the investment. The solar projects are expected to generate 160,000,000 kwH during their first year of operation, roughly equivalent to 13,000 U.S. homes. Google said it has now invested over $915M in renewable energy projects, although this is the first utility scale, solar PV project Google has invested in.