Hot Stories

Google Invests $280 Million in SolarCity Project Finance Fund

Submitted on 06/14/11, 04:22 PM | Click Here for the full article: Bloomberg

Google Invests $280 Million in SolarCity Project Finance Fund

Google Inc. (GOOG) agreed to put $280 million in a new project financing fund for SolarCity Inc., a financier, installer and owner of rooftop photovoltaic systems, in the Internet search engine’s biggest clean-energy investment. The deal with San Mateo, California-based SolarCity is also Google’s first investment related to distributed solar energy, Rick Needham, the search engine’s director of green business operations, said by telephone yesterday. The investment is a “quadruple-win” because it will enable more homeowners to lower their energy bills while also shifting to renewable energy, allow SolarCity to expand its business and facilitate wider deployment of solar, Needham said. Mountain View, California-based Google will also make a return on capital upfront, he said, since its investment is supported by the Treasury Department’s cash grants program. As an alternative to tax credits, the program reimburses investors for 30 percent of project expenditures for solar. The program was created after the 2008 financial crisis to revive spending on clean energy. Projects must begin construction by the end of 2011 to be eligible.

Comments (0)

This story does not have any comments. Be the first to leave a comment below.

Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Hot Product

Conergy – Local expertise backed by global strength.

Conergy – Local expertise backed by global strength.

Conergy is a German-based solar company with subsidiaries all over the world – and what you would call a complete all-rounder. We have mastered every aspect of photovoltaics, becoming the player for complete solutions and services from a single source. For our customers and partners this means: more peace of mind, more output, more service. Since our foundation in 1998 we have advised more than 10,000 customers around the globe and provided more than 2 gigawatts of solar module capacity. We have learned a lot in the process – about sun, wind and weather on all five continents. And about the high standards required by our international customers. Today, we can offer any private customer, enterprise and investor all-round peace of mind, from small solar installations on residential buildings to medium-sized systems on commercial and industrial buildings and up to the biggest multi-megawatt free-field installations.

Alternative Energy Partners and Sponsors



More Technical eMagazine from LJB