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United States

Google takes renewables investment to just under $1 billion

UNITED STATES: Google yesterday announced it was making a $75 million equity investment in the 50MW Rippey wind farm, currently under construction in Greene County, Iowa.

Google's investment team at the Iowa project
Google's investment team at the Iowa project

The Rippey project, developed by RPM Access, will comprise 20 Nordex N100 2.5MW turbines. Construction started in the summer following the closing of a financing package for the project and its sister 37.5MW Hawkeye wind farm, including $116 million in project finance loans from Rabobank and BayernLB.

Google's investment will give it an equity stake in the project. This brings the internet giant's committed investment to the renewable energy sector to more than $990 million.

This is Google's second wind investment in Iowa. The other was Google's green division's first ever investment in wind energy in 2010, when it signed a power purchase agreement with NextEra Energy Resources to buy all the power from its Story County II wind farm.

Other Google wind project outlays include the $55 million investment in the Alta Wind Energy Center in California.

It is also a major investor in a $5billion Atlantic Wind Connection transmission project designed to connect offshore wind farms along the Atlantic coast.

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