Thursday, 26 May 2011

Google Has Now Invested Over $400M in Clean Power

Google says it’s not buying the electricity directly from the project, and the returns are reason enough for the investment. Google and Citibank are using what they call a leveraged lease, and are purchasing part of the project, then leasing it back to Terra-Gen, who will manage and operate the project.

Mark down yet another clean power project Google plans to back. Tuesday morning, Google announced on its blog it’s providing $55 million for part of the construction of a 1.5 GW wind farm that is being built by Terra-Gen Power in Southern California’s Mojave Desert. Google’s financing will go toward a 102 MW section of the Alta Wind Energy Center, and Citibank has underwritten the equity for a major chunk of the rest.

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