Google, KKR Invest in Solar Power

Watch stocks you care about

The single, easiest way to keep track of all the stocks that matter...

Your own personalized stock watchlist!

It's a 100% FREE Motley Fool service...

Click Here Now

Google (NASDAQ: GOOGL  ) is continuing to devote some of its war chest to the cause of renewable energy. It has teamed up with private equity stalwart KKR (NYSE: KKR  ) and solar specialist Recurrent Energy to invest in six photovoltaic power plants located in California and Arizona. The total dollar figure was not specified, although Google said its share was roughly $80 million. The full investment is a mix of equity from it and KKR, plus debt financing. 

Recurrent Energy is currently developing and will manage the plants.

The combined production capacity of the six facilities is 106 megawatts, which the companies say is sufficient to power 17,000 homes. Energy generated from them will be distributed to local energy providers under long-term power purchase agreements. Five are located in Southern California. All six are expected to come onstream in January.

This is not the first renewable power grid investment project launched by the three companies as a team. In December 2011, they combined to fund a portfolio of four facilities built by Recurrent Energy near California's capital, Sacramento. According to Google, the four have a combined capacity of 88 megawatts, enough to power more than 13,000 homes. Google's contribution to that effort was $94 million in equity. Those plants are currently producing electricity.  

Google pointed out that the current project is its 14th in the renewable energy sphere. 

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2727663, ~/Articles/ArticleHandler.aspx, 9/25/2016 8:23:47 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 1 day ago Sponsored by:
DOW 18,261.45 -131.01 -0.71%
S&P 500 2,164.69 -12.49 -0.57%
NASD 5,305.75 -33.78 -0.63%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/23/2016 4:00 PM
GOOGL $814.96 Down -0.99 -0.12%
Alphabet (A shares… CAPS Rating: *****
KKR $14.34 Down -0.14 -0.97%
KKR and Co. CAPS Rating: ****