Google (NASDAQ: GOOG) announced that it is investing $94 million in four photovoltaic panel farms in the Sacramento area. The farms belong to tech-giant Sharp and were built by San Francisco-based Recurrent Energy. Google’s investment will be in addition to the investment from Kohlberg Kravis Roberts & Co. and will go a long way in the completion of the project.
Google has been building up its portfolio of clean energy investments and its latest investment of $94 million in the Sacramento area will push its total investments to more than $915 million. It is not clear as to how much Kohlberg Kravis Roberts would be investing in the project.
Google said that although it has already been providing funds for installing solar PV panels on the rooftops of more than 10,000 homeowners, the present investment is their first attempt to invest in large scale solar PV power plants that would be generating energy for the grid and not for individuals. About 88 megawatts of power would be produced by this project, which would be able to cater to the electricity requirements of more than 13,000 homes.
Google’s spokesman indicated that this is the first tie-up between Google and KKR but as per indications, this partnership might not last. The Sacramento Municipal Utility District has already contracted the power that will be produced by the four solar farms for 20 years.
Google has been building up its portfolio of clean energy investments and its latest investment of $94 million in the Sacramento area will push its total investments to more than $915 million. It is not clear as to how much Kohlberg Kravis Roberts would be investing in the project.
Google said that although it has already been providing funds for installing solar PV panels on the rooftops of more than 10,000 homeowners, the present investment is their first attempt to invest in large scale solar PV power plants that would be generating energy for the grid and not for individuals. About 88 megawatts of power would be produced by this project, which would be able to cater to the electricity requirements of more than 13,000 homes.
Google’s spokesman indicated that this is the first tie-up between Google and KKR but as per indications, this partnership might not last. The Sacramento Municipal Utility District has already contracted the power that will be produced by the four solar farms for 20 years.
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