Google has emerged as one of the most aggressive clean power investors in 2011, and has now invested over $780 million into clean power projects and technologies, with $700 million of that being invested this year. The latest funding, announced yesterday morning, has Google adding another $102 million into a wind farm being built in Southern California's Mojave Desert. Google has already put $55 million into that 1.5 GW wind farm, dubbed the Alta Wind Energy Center, which is being built by Terra-Gen Power. Google is structuring the deal in the same way as its previous investment in Alta Wind, and is again working with Citibank to create a leveraged lease, where Google and Citibank purchase part of the project, then lease it back to Terra-Gen, who will manage and operate it.
Google now has invested $157 million into 270 MW of wind generation at Alta Wind. Google says it's not buying the electricity directly from the project, and says the returns are reason enough for the investment.
The wind power will be sold to utility Southern California Edison under a power purchase agreement that was signed in 2006. But as I've written before (GigaOM Pro subscription required), giving Google more control over the energy it needs for its data centers could be a smart investment in the long run. However, the amount of money that Google is investing in clean power is truly awe-inspiring (or maybe terribly shocking if you are a Google shareholder).
Just earlier this month Google created a $280 million fund for solar installer SolarCity, its largest clean power investment to date, and its first in residential solar rooftops.
Here's a run down of what Google has backed in the clean power space:
SolarCity rooftop solar fund.
The world's largest wind farm-in Oregon.
North Dakota wind farm.
East Coast wind farm backbone.
Wind power from Iowa wind farm.
Wind power from Oklahoma wind farm.
BrightSource's solar thermal project.
German solar project.
Greentech startups (these are small investments). (Reuters)