Google partners in US solar project
Google has invested $103m and become a partner with Silver Ridge Power in the 265.7MW (DC) Mount Signal Solar PV project under construction in Imperial Valley, California.
The internet search giant now has invested more than $1bn in 13 renewable energy projects worldwide in the past several years that will enable generation of more than 2GW of electricity.
“Our investment in Mount Signal Solar is a reflection of Google’s ongoing commitment to the renewable energy industry and our strong belief that investing in renewable energy makes business sense,” says Kojo Ako-Asare, Google’s head of corporate finance.
“This is the first time Silver Ridge Power has partnered with a technology company. We appreciate their innovative approach and we hope to see more such partnerships in the future,” says Ako-Asare.
The project, also known as Imperial Valley Solar 1, is expected to reach full commercial operation in 2014. All electricity will be purchased by under long-term contract by San Diego Gas & Electric Company.
Silver Ridge Power, formerly known as AES Solar, now has a global solar portfolio of 522MW (DC) in operation or construction in seven countries. The company is a joint venture between The AES Corp. and Riverstone Holdings.a private investment firm based in New York City.