Google ramps up investment in solar energy

By Agence France-Presse
Tuesday, December 20, 2011 16:04 EDT
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Solar panels cover the roof of a Sam's Club store in 2009 in Glendora, California. Photo: AFP.
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Google on Tuesday ramped up its investment in clean energy by backing the construction of solar panels that will feed electricity to California’s power grid.

The Internet giant announced that it is pumping $94 million intoRecurrent Energy projects near the state’s capitol of Sacramento, raising its investments in Earth-friendly power generation to $915 million.

“We believe investing in the renewable energy sector makes business sense and hope clean energy projects continue to attract new sources of capital to help the world move towards a moresustainable energy future,” Google assistant treasurer Axel Martinez said in a blog post.

Backing Recurrent marked Google’s first time investing in large scale solar photovoltaic power plants that generate energy for the US electric grid instead of on individual rooftops, according to Martinez.

The projects were expected to generate enough electricity to meet the demands of more than 13,000 homes.

Google has also committed to funding to help more than 10,000 homeowners install solar panels on home rooftops.

California-based Google said that it was joining investment firm Kohlberg Kravis Roberts & Company to back the Recurrent projects.

Agence France-Presse
Agence France-Presse
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