Google, KKR invests USD400 million in solar plant project
Tech giant Google Inc. recently made a deal with private firm KKR & Co. to invest around USD400 million to Japan's Recurrent Energy LLC. Reuters, citing a report by the Wall Street Journal, said that Recurrent LLC was building six solar power plants in the US.
Google and KKR's joint investment will be made in cash and debt. The American search engine company's equity stake on the project is about USD80 million, Reuters said.
Solar power distributor Recurrent Energy is a unit of Sharp Corp. It was acquired by the Japanese electronic conglomerate in 2010, Recurrent Energy said in a statement.
According to the report, Recurrent Energy was building five solar power plants in southern California and one in Arizona. These plants were designed to generate around 106 megawatts of electricity combined, which can provide electricity for at least 17,000 US households.
Google has been investing in clean energy and has provided more than USD1 billion to wind and solar projects. KKR, on the other hand, runs the Green Portfolio Program, an environmental impact assessment program, Reuters said.