The latest investment brings the value of Google’s clean energy portfolio to more than $915 million.
In a post by on the company’s blog, Google’s Assistant Treasurer, Axel Martinez, said the investment is the tech firms in the US in larger scale solar PV power plants that generate energy for the grid.
These projects have a total capacity of 88 MW, equivalent to the electricity consumed by more than 13,000 homes, Martinez wrote.
“We’re investing alongside global investment firm KKR and Recurrent Energy, a leading solar developer,” he continued. “Google will provide a $94 million equity investment and SunTap Energy, a new venture formed today by KKR to invest in solar projects in the U.S., will provide the remaining equity.”
The energy produced by these projects is already contracted for 20 years with the Sacramento Municipal Utility District (SMUD). SMUD recently created a feed-in tariff program (FIT) to help green the grid for Sacramento-area residents.
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