Google Invests $103 Million in California Solar Project
Google Inc. (GOOG), owner of the world’s largest search engine, invested $103 million in a solar project under construction in Southern California.
The 265.7-megawatt Imperial Valley Solar 1, being developed by co-owner Silver Ridge Power LLC, will sell its power to Sempra Energy (SRE)’s San Diego Gas & Electric Co. when completed next year, Mountain View, California-based Google said today in a statement.
The project is Google’s 13th investment in renewable energy, the company said. It has invested more than $1 billion in projects that will generate at least 2 gigawatts of electricity, or enough to power 500,000 homes.
Silver Ridge is a joint venture between utility owner AES Corp. and New York-based Riverstone Holdings LLC, a private-equity firm that invests mainly in North American energy assets.
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