Google has unveiled new plan to invest in two renewable energy projects worth more than $1.5 billion, reports Forbes.
The first project, undertaken by the internet search firm consists of a $76 million investment in the Balko Wind project in Oklahoma.
The 300 MW wind farm is developed by finance contribution from a consortium of companies including GE Capital, Merrill Lynch and Citi, in addition to Google.
The project is expected to commence operation by late summer.
On completion, the wind farm will feature 162 GE wind turbines that produce sufficient power for 111,000 homes.
The second major project involved by Google is a solar financing arrangement, which supports the 104-megawatt Red Hills solar power plant in Utah worth $157 million.
The total investment kept aside for the plant is estimated to be $188 million.
The plant will be owned by a joint venture formed by Google with Scatec.
Google is supposed to provide tax equity in collaboration with Prudential, contributing to debt financing whereas Scatec will offer sponsor equity.
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The Utah Red Hills Renewable Energy Park will include approximately 325,000 solar photovoltaic modules. The plant will be operational by the end of the year.
The facility will be the state’s largest solar generation facility, capable of producing 210 million kilowatt hours of electricity each year.
In addition, Google is providing $145 million in equity financing for the Regulus solar plant, developed by SunEdison.
In another development, Ivanpah Solar Electric Generating System, owned by a consortium of Google, NRG Energy and BrightSource Energyhave urged for a $539 million federal grant to help pay off part of a $1.6 billion federal loan.