Google Invests $200 Million in Renewable Energy Project

January 10
5:01 PM 2013

Google Inc. has invested around $200 million in Spinning Spur Wind Project, a 161-megawatt facility located in Oldham County, Texas.

"We look for projects like Spinning Spur because, in addition to creating more renewable energy and strengthening the local economy, they also make for smart investments: they offer attractive returns relative to the risks and allow us to invest in a broad range of assets," Kojo Ako-Asare, senior manager, Google corporate finance said in an official blog. "We're also proud to be the first investor in an EDF Renewable Energy project that is not a financial institution, as we believe that corporations can be an important new source of capital for the renewable energy sector."

Spinning Spur Wind Project commenced operation in December and is set to generate clean energy to power approximately 60,000 U.S. homes. The power generated from the project is sold to a subsidiary of Xcel Energy that caters to Texas and New Mexico residents.

"EDF Renewable Energy is pleased to engage with an innovative company like Google on this equity financing," Jim Peters, vice president of Project Finance said in a press statement. "The partnership between our companies reflects a departure from sourcing investment capital from traditional financial institutions for our renewable energy projects. This transaction provides an opportunity for a leading renewable energy developer to join forces with a leading technology company to create value for both our companies and our respective customers."

CNN Money reported the Spinning Spur Wind Project is the second most expensive investment, which is right behind a $280 million venture in SolarCity.

The company has invested in 10 other renewable energy  based projects since 2010. Among these projects, five are solar investments and the other five are wind projects.

All 10 projects are capable of generating a combined 2 gigawatts of power, which is enough to light up approximately 500,000 homes for a year.

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