Home
Others
Others News
Google, KKR to invest about $400 million in solar plants: Report

Google, KKR to invest about $400 million in solar plants: Report

By Reuters | Updated: 14 November 2013 16:26 IST

Click Here to Add Gadgets360 As A Trusted Source

Google Inc struck a deal with private equity company KKR & Co to invest about $400 million in six solar power plants being built by Recurrent Energy LLC in California and Arizona, the Wall Street Journalreported, citing people familiar with the matter.

Google and KKR's joint investment will be made in cash and debt. Google's equity stake is about $80 million, according to the newspaper.

The plants - five in southern California and one in Arizona - are designed to produce about 106 megawatts of electricity combined, or enough to power about 17,000 U.S. homes, the Journal said.

Google has been investing in clean energy for purposes including powering its data centers and has committed over $1 billion to wind and solar projects.

KKR runs an operational improvement program known as Green Portfolio Program (GPP) through which the private equity firm assesses the environmental impact of its portfolio companies.

Recurrent Energy is a unit of Japan's Sharp Corp

Google and KKR could not immediately be reached for comment by Reuters outside of regular U.S. business hours.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.