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Google makes $38m move into wind energy

US: New media giant Google has made its first investment in the wind energy sector and has acquired a stake worth $38.8million in two North Dakota wind farms.

Google has invested in the 120MW Ashtabula II wind farm in North Dakota
Google has invested in the 120MW Ashtabula II wind farm in North Dakota

The two wind farms are the 120MW Ashtabula and 49.5 Wilton Wind 2 wind farms, owned by NextEra Energy Resources. The two wind farms have been online for just over a year.

Google's deal is "tax equity" investment. These allow companies to use federal tax credits granted to the project to offset their own taxes in return.

Speaking about the deal, Rick Needham, Google green business operations manager said the company had been dedicating resources to developing renewable energy technology and funding large-scale projects.

He explained: "To tackle this need, we've been looking at investments in renewable energy projects, like the one we just signed, that can accelerate the deployment of the latest clean energy technology while providing attractive returns to Google and more capital for developers to build additional projects."

 

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