Google, KKR to invest US$400m on solar projects

NEW YORK CITY, USA: Internet company Google and investment firm KKR will invest $400m in six solar plants in California and Arizona, the companies said.

Google's total investment in renewable energy amounts to about US$1-bn. Image: Wiki Images

The plants are currently being developed and are expected to be operational by January next year. They will be managed by Recurrent Energy, a California solar developer.

The companies plan to sell the electricity to municipal users and local utilities, including Southern California Edison. Five of the plants are in Southern California and the sixth is in Arizona.

A Google spokesman said the total investment in the projects is $400m, but the exact breakdown between the companies was not disclosed.

The three firms announced a separate plan to build four solar plants near Sacramento, California in December 2011.

Google said it has invested more than US$1bn in renewable energy projects.

Google's head of corporate finance Koho Ako-Asare said the company is working to create a clean energy future where renewable energy is abundant, accessible and affordable, according to a post on the company's official website.

Source: AFP via I-Net Bridge