Google is spending $94 million and teaming up with KKR and solar developer Recurrent Energy, a division of Sharp Corp., to develop four solar energy farms serving the Sacramento Municipal Utility District inCalifornia, says the Wall Street Journal. All 4 projects are expected to be completed in 2012 and provide electricity to power more than 13,000 averageU.S.homes.
All of Google’s prior solar investments have been in residential and commercial rooftop systems, making this Google’s firstU.S.investment in a large-scale solar project that generates energy for a grid, says the Journal. This is KKR’s first renewable energy investment in theU.S.
Google earns returns on its investments by capturing local and federal renewable energy tax credits and charging interest on the money it supplies for the projects. According to Google’s green blog, it has invested more than $915 million in the renewable energy sector.
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