Google invests $145m in Clean Energy

Google invests $145m in Clean Energy

Google signed its 17th project related to renewable electricity generation: it’s putting $145 million into an 82 megawatt (MW) solar project being built by SunEdison.
The deal puts the Internet giant’s investment tab supporting clean power at more than $1.5 billion on three continents for a capacity of more than 2.5 gigawatts (GW). It centers on the Regulus solar development in Kern County, California, which is sited on an old oil and gas field.
“Over the years, this particular site in California has gone from 30 oil wells to five as it was exhausted of profitable fossil fuel reserves,” writes Google’s renewable energy principal Nick Coons in the company’s official blog. “The land sat for some time and today we’re ready to spiff things up.”
According to a report by Forbes, Last year, Google’s various long-term agreements for renewable power generated approximately 870,000 megawatt-hours, covering 23% of its total consumption needs. Between those contracts, green power that it buys from the grid and its own on-site projects, it sources about 35% of its electricity mix from renewables.
Its five big existing power purchase agreements are all focused on wind generation. When it’s completed, the so-called Regulus project will be SunEdison’s largest solar project in North America (it’s slated to begin operations later this year). The installation will span 737 acres, including more than 248,000 monocrystalline photovoltaic modules.
The owner of the system is TerraForm Power, which will sell the output to Southern California Edison through a 20-year power purchase agreement. Prudential Capital Group and Santander Bank both provided term financing.

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