Smart Takes

Google, KKR to invest in solar projects

Posting in Energy

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.

Larry Dignan

Editor-in-Chief

Editor-in-Chief Larry Dignan is editor-in-chief of SmartPlanet and ZDNet. He is also editorial director of TechRepublic. Previously, he was an editor at eWeek, Baseline and CNET News. He has written for WallStreetWeek.com, Inter@ctive Week, New York Times and Financial Planning. He holds degrees from the Columbia University Graduate School of Journalism and the University of Delaware. He is based in New York but resides in Pennsylvania. Follow him on Twitter. Disclosure