Google Spends $80M on Solar Farms
Updated at 9:19 AM PST on Friday, Nov 15, 2013
Google and global investment firm KKR & Co. agreed to acquire six solar farms in California and Arizona.
The $400 million solar farms were developed by Sharp’s Recurrent Energy unit and will have a 106 megawatt capacity, or enough to power 17,000 homes, according to Bloomberg News. The solar farms will be online by January.
Google and KKR will be giving "equity and debt financing" for the projects, Bloomberg reported. Google will give $80 million to the project and has already spent about $1 billion total in renewable power. This is Google's 14th acquisition.
Google has been at the forefront of green power, including several projects involving windmills
and solar power, but its investment never seems to cover the entire project. In fact, the wind farm in Oregon received $1.2 in local, state and federal subsidies, while Google only pitched in 10 percent ($100 million.) This new Google solar farm investment is slightly higher for the tech titan, which covers 20 percent of the project.