Google and Kohlberg Kravis Roberts & Co. LP (KKR) are investing in six solar photovoltaic facilities that are currently being developed and will be managed by Recurrent Energy. The solar facilities, located in California and Arizona, have a combined production capacity of approximately 106 MW.
Capital for the projects was provided by equity investments from Google and KKR, as well as debt financing.
The solar facilities include five projects in Southern California and one in Arizona and will provide power to three off-takers, including Southern California Edison.
"Investing in renewable energy is core to Google's values – we believe strongly in making investments that are both good for the environment and good for business," says Kojo Ako-Asare, head of corporate finance for Google.
Google recently invested $103 million in the 265 MW Imperial Valley Solar I project at Mount Signal, near Calexico, Calif., under development by Silver Ridge Power.
‘As states like California and Arizona adopt high standards for the use of renewable energy, we believe private capital partners can play an important role in helping them meet those goals,’ says Ravi Gupta of KKR's infrastructure team.
KKR is making the investment in this six-project portfolio from its infrastructure fund. In December 2011, Google and KKR invested in four Recurrent utility-scale solar projects near Sacramento, Calif.