Google and KKR Acquire Recurrent Solar Projects in U.S. WestWill Wade
Google Inc. and KKR & Co. agreed to acquire six solar farms that Sharp Corp.’s Recurrent Energy unit is developing in California and Arizona in a deal worth $400 million.
The six projects have a combined capacity of 106 megawatts and are expected to be operational by January, according to a statement today.
Google and KKR are providing both equity and debt financing for five projects in Southern California and one in Arizona that will produce enough power for more than 17,000 homes.
Google said it will provide about $80 million, in a blog post today. The total transaction is worth $400 million, according to a person familiar with the deal who asked not to be identified because the transaction value hasn’t been disclosed.
Google has invested more than $1 billion to date in renewable energy; this is its 14th such deal, according to the statement. KKR has made five renewable-energy investments.
The three companies struck a similar agreement in December 2011 involving four of San Francisco-based Recurrent’s projects near Sacramento.