Google, KKR to invest in solar projects

Summary:Google has invested more than $915 million in renewable energy projects. The KKR project is the first utility scale solar deal for Google.

Google, private equity firm Kohlberg Kravis Roberts & Co. and Recurrent Energy announced a deal to invest in a series of solar facilities under a venture called SunTap Energy.

The investment, aimed at a portfolio of solar photovoltaic (PV) facilities serving the Sacramento Municipal Utility District (SMUD), was funded with debt and equity. Google and KKR's SunTap Energy contributed equity to a new venture. The aim is to invest in solar facilities in the U.S.

Google also announced the deal on its blog.

These four solar facilities will provide 88 MW of power to the Sacramento area. Construction of three projects will be complete in early 2012 with the fourth one arriving later. The projects are expected to generate nearly 160,000,000 kWh in the first year.

For Google's part, it has invested more than $915 million in renewable energy projects. The KKR project is the first utility scale solar deal for Google.

This post was originally published on Smartplanet.com

Topics: Innovation

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Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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