Google, KKR to Invest in California Solar Project
Online search and advertising giant Google is teaming with investment firm Kohlberg Kravis Roberts & Co. to develop four solar energy farms serving the Sacramento Municipal Utility District in California.
Google says on its Green Blog that it will spend $94 million on the projects. They also will receive equity from SunTap Energy RE, a venture formed by KKR to invest in U.S. solar projects.
The projects are expected to provide enough power for more than 13,000 average U.S. homes. Construction on three of the four projects will be complete early next year, with the fourth coming on line later in the year.
Google says it has invested more than $915 million in renewable energy projects.