Jason Ford

Google invests in utility-scale US solar photovoltaic projects

News

Google, Kohlberg Kravis Roberts and Recurrent Energy have announced an investment in a portfolio of solar photovoltaic (PV) facilities serving the Sacramento Municipal Utility District (SMUD) of California.

The portfolio of projects is reportedly financed with a combination of debt and equity, which includes a significant equity investment from Google in addition to equity from SunTap Energy — a venture formed by Kohlberg Kravis Roberts (KKR) to invest in solar projects in the US.

‘The investment is a clear demonstration of solar’s ability to attract private capital from well-established investors [such as] Google and KKR,’ said Arno Harris, chief executive officer of Recurrent Energy. ‘This transaction provides an example of the direction solar is headed as a viable, mainstream part of our energy economy.’

According to a statement, the four solar PV facilities included in the transaction will provide 88MW of power to SMUD and were the first to be awarded as part of the utility’s feed-in tariff programme introduced in January 2010.

Construction on three of the Sacramento area projects will be complete early in 2012, with the fourth coming online later in the year.

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