Google Expends $94 Million in Solar Energy

In one of its recent announcement, Google said that it has made an investment of $94 million in four solar photovoltaic (PV) projects. The fresh investment from Google has brought its portfolio of clean energy projects to around $1 billion. The project will be built in collaboration with Recurrent Energy near Sacramento, California.

Google is looking forward to boost up innovation and development in green energy projects for which it has already invested in early-stage companies like Makani Power and Potter Drilling through Google.org, Google Ventures and Google corporate investments. However, the recent investment is the first from Google that it has invested to generate energy in the United States grid. The projects launched earlier brought solar panels to about 10,000 homeowners via the rooftop installations.

Axel Martinez, Assistant Treasurer, Google Treasury wrote in a blog post:

“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.” He further adds, “We’ve already committed to providing funding this year to help more than 10,000 homeowners install solar PV panels on their rooftops. But this investment represents our first investment in the US 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.”

It is worth noting here that the Sacramento Municipal Utility District has contracted energies from these projects for 20 years.

Interestingly, Google has invested over $881 million in several renewable energy projects, such as wind, solar and transmission solutions, this year.

For the future projects, the search giant is joining hands with global investment firm KKR and solar developer Recurrent Energy. Other than $94 million investment, SunTap Energy – a KKR’s new venture established to focus on US solar projects will help contribute the remaining equity.

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