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.