Google and KKR invest $400 million in six solar plants

Google’s on quite a roll when it comes to investing in renewable sources of energy like solar and wind. The tech giant, which has invested more than $1 billion in renewable energy, will announce Thursday that it’s made its 14th clean energy investment: It’s joined forces with KKR, the global investment firm, to acquire six solar plants currently being developed by Recurrent Energy. Five of the solar projects are in southern California; one is in Arizona. Google’s investment is roughly $80 million.

The six solar plants, which should be operational by January, have a combined production capacity of roughly 106 megawatts and are expected to generate enough electricity to power over 17,000 homes.  This marks the second time that Google, KKR and Recurrent have structured a deal; the first was announced in December 2011, for solar power plants near Sacramento.

“Investing in renewable energy is core to Google’s values—we believe strongly in making investments that are both good for the environment and good for business, ” said Kojo Ako-Asare, head of corporate finance for Google, in a statement. “We’re proud to continue our partnership with KKR and Recurrent Energy by investing in these fantastic solar facilities.”

The Victor Phelan solar project, located in San Bernardino, is one of six Recurrent Energy solar projects being acquired by Google and KKR.

 

Dana Hull Dana Hull (244 Posts)

Dana Hull covers clean technology and energy policy for the San Jose Mercury News. She often writes about electric vehicles, the smart grid, the solar industry and California energy policy, from RPS goals to Gov. Jerry Brown's big dreams for distributed generation.