Google loves solar!

2070

Google invests $103M in the 265.7MW Mount Signal Solar project, also known as Imperial Valley Solar 1. The investment represents Google’s 13th renewable energy investment.

Google has partnered with Silver Ridge Power, formerly known as AES Solar, and will invest approximately $103 million in Silver Ridge Power’s Mount Signal Solar project. The 265.7MW project, also known as Imperial Valley Solar 1, is a utility-scale solar PV generating plant under construction in Imperial County, California.

The project is expected to be fully operational in 2014 and will generate enough energy to power over 80,000 California homes. The electricity generated on site will be sold to San Diego Gas & Electric (SDG&E) under a long-term power purchase agreement (PPA).  Google’s obligation to provide a significant portion of the committed funds is subject to customary conditions precedent, including the commencement of operations at Mount Signal Solar.

The investment in Imperial Valley Solar 1 is Google’s 13th renewable energy investment. In total, the firm has committed over $1 billion to projects that will enable the generation of more than 2GW of electricity, enough to power over 500,000 homes.

Kojo Ako-Asare, Google’s Head of Corporate Finance, commented: “Our investment in Mount Signal Solar is a reflection of Google’s ongoing commitment to the renewable energy industry and our strong belief that investing in renewable energy makes business sense. This is the first time Silver Ridge Power has partnered with a technology company; we appreciate their innovative approach and we hope to see more such partnerships in the future.”

“We are pleased to have a world-class partner in Google on our flagship Mount Signal Solar project. We are on schedule to complete the project in 2014 and when completed it will be one of the largest single-axis tracker PV plants in the world,” said Robert Hemphill, CEO of Silver Ridge Power.