Google Announces $94 Million Solar Energy Investment

Solar Energy FarmThere are some companies that like to get their hands in just about every market. Google is most definitely one of those companies. Just recently, the search engine giant informed the world that it will be investing more money into the renewable energy sector. This time the company is looking forward to investing some $94 million in solar energy. This will be put towards four huge solar energy farms near Sacramento, California.

Google will be doing this with the help of the investment firm KKR. The announcement, which was just made on Tuesday via blog post, noted that Google is committed to outfitting solar panels on the roofs of more than 10,000 homes. However, this new investment is the first broad-scale investment for the energy grid. This does not mean, in any way, that Google has given up on other investments.

Reports go on to show that Recurrent Energy will be responsible for the construction and operation of these farms. This should be no problem for the company which had already had a 20-year deal with Sacramento Utility District.

Alex Marinez, who is the Google Treasury’s assistant treasurer, said that they believe that investing in the renewable energy sector makes business sense. The company also hopes that clean energy projects will continue to attract new sources of capital to help the world move towards a more sustainable energy future.

These new farms will have the capacity of generating some 88 MW of energy. This is enough energy to provide power to some 13,000 homes. Not only that, but this deal will allow Recurrent to quickly fund and build future solar farms as well.

To put it simply, Google has had a very good 2011 year. In fact, public relations has looked very good for Google. The company, just last week, announced that it made an $11.5 million donation to several organizations that combat modern day slavery. This money will go towards the creation of a coalition of several advocacy groups led by International Justice Mission.

On top of this, Google will also be making donations to more than a dozen different organizations this holiday season. Overall, the company will be spending some $40 million in grants. Google is also supporting groups that promote science and technology. They will also be sending money to help with the education of girls in developing countries. It seems as if Google is really spending the good cheer this year.

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