Google Invests $94 Million in Solar Energy

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Just before Christmas day, Google announced it has made a new $94 million investment in a portfolio of four solar photovoltaic projects currently under construction by Recurrent Energy near Sacramento, CA.

“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”, Google said on its blog.

The internet giant said this new investment brings its total alternative energy investments to more than $915 million. In 2011 it helped more than 10,000 homeowners to install solar PV panels on their rooftops.

SunTap energy, a a new venture formed by KKR to invest in solar energy projects in the U.S., will provide the remaining equity.

“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”, Google added.

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

Article by Antonio Pasolini, a Brazilian writer and video art curator based in London, UK. He holds a BA in journalism and an MA in film and television.

About Author

Walter’s contributions to CleanTechies over the past 4 years have been instrumental in growing the publications social media channels via his ongoing editorial and data driven strategies. He is the founder and managing director of Sunflower Tax, a renewable energy tax and finance consultancy based in San Diego, California. Active in the San Diego clean technology community, participating in events sponsored by CleanTech San Diego, EcoTopics, and Cleantech Open San Diego, Walter has also been a presenter at numerous California Center for Sustainability (CCSE) programs. He currently serves as an adjunct professor at the University of San Diego School of Law where he teaches a course on energy taxation and policy.

  • Muchos Huevos

    This is just GREAT!!! I enjoy seeing this great news, I enjoy seeing Europe going wind and solar and America?? Just plans and very limited willingless to

    embrace more agressive ways to become energy INDEPENDENT, you understand???

    I swear I will go solo with my own independance from the grid soon, there’s a

    lot of ideas on suppressed inventions to takle down, plus the solar panels are not that expensive now.