United States

United States

Google adds $102m to AWEC investment

UNITED STATES: Google has announced it is increasing its investment in California’s Alta Wind Energy Centre (AWEC) by $102 million.

California's Alta Wind Energy Centre is currently under construction
California's Alta Wind Energy Centre is currently under construction

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Last month, the media giant announced it was putting $55 million into the 1.55GW project. AWEC is being developed by Terra-Gen Power.

Google’s initial investment went towards building the 102MW Alta IV part of the development. The additional funding will go towards the 168MW Alta V.

Citibank will also invest in the project.

Speaking about the deal, Google green business operations director Rick Needham said: "We won’t be purchasing any of the energy produced at Alta V. Rather, we’re investors and will be using the same innovative leveraged lease financial structure we used for Alta IV, meaning Google and Citibank will own Alta V and lease it back to Terra-Gen, who will manage and operate both projects under long-term agreements.

"It’s a financial structure that we hope will encourage new types of investors to consider investing in wind."

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