Google to Invest $103 Million in California Solar Project
By Ben Fox Rubin
Google Inc. (GOOG) plans to continue building up its investments in solar energy with $103 million in funding to
Silver Ridge Power LLC's 265.7-megawatt Mount Signal Solar project in California.
The deal will be Google's 13th renewable energy investment and will be part of the company's over $1 billion in
commitments to such projects, according to Silver Ridge. The Mount Signal project is a solar photovoltaic plant under
construction in Imperial County, Calif. It is expected to be fully operational in 2014 and will sell its output to San
Diego Gas & Electric under a long-term power agreement.
Silver Ridge, formerly known as AES Solar, is a joint venture between AES Corp. (AES) and Riverstone Holdings LLC that
was formed to develop, own and operate utility-scale solar power plants. It currently has 522 MW in operations and
construction, with projects in the U.S., Europe and India.
In 2011, Google and KKR & Co. L.P. (KKR) said they would invest $189 million in U.S. solar facilities, with Google
funding four California solar farms under construction near Sacramento. The Internet company and private equity firm
agreed to buy a majority stake in the Sacramento solar facilities from developer Recurrent Energy, a unit of Sharp Corp.
(6753.TO, SHCAY). Google has in previous years also invested hundreds of million of dollars in roof-top solar systems.
Google's shares were up 1.3% at $867. The stock is up 23% so far this year.
Write to Ben Fox Rubin at firstname.lastname@example.org
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