Google Invests $168 Million In World's Largest Solar Project
In 2013, when construction is slated to be complete, the Ivanpah Solar Electric Generating System, located in southern California, is expected to be the world's largest solar farm.
As part of its recent announcement [pdf] that it has closed financing on the 392 MW Ivanpah project, solar energy developer BrightSource Energy Inc., said that internet giant Google Inc. (Nasdaq: GOOG) agreed to invest US$168 million in the project. With its investment, Google joins both BrightSource and NRG Energy Inc. (NYSE: NRG) as the project's main equity investors.
The press release also marked the finalization of a U.S. Department of Energy loan guarantee of US$1.6 billion.
This is the third major renewable energy investment Google has made in as many weeks. However, this investment, which represents Google's single largest investment to date, dwarfs the US$5 million the company invested in a German wind farm last week.
"We need smart capital to transform our energy sector and build a clean energy future. This is our largest investment to date, and we’ve now invested over $250 million in the clean energy sector" wrote
He continued "We’re excited about Ivanpah because our investment will help deploy a compelling solar energy technology that provides reliable clean energy, with the potential to significantly reduce costs on future projects."
Image Credit: BrightSource
Joseph Baker is a freelance writer living in Vancouver BC. His areas of focus include renewable energy, sustainability and climate change.
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