Google Is Making Its Biggest Ever Bet on Renewable Energy

Google Inc. is making its largest bet yet on renewable energy, a $300 million investment to support at least 25,000 SolarCity Corp. rooftop power plants.
 
Google is contributing to a SolarCity fund valued at $750 million, the largest ever created for residential solar, the San Mateo, California-based solar panel installer said Thursday in a statement.
 
Google has now committed more than $1.8 billion to renewable energy projects, including wind and solar farms on three continents. This deal, which may have a return as high as 8 percent, is a sign that technology companies can take advantage of investment formats once reserved only for banks.
 
“Hopefully this will lead other corporations to invest in renewable energy,” SolarCity Chief Executive Officer Lyndon Rive said in a phone interview.
 
The deal reflects the success of renewable energy companies in tapping into a broader pool of investors with financial products that emerged in the past three years, either paying dividends or sheltering cash. Those helped boost investment in clean energy 16 percent to a record $310 billion last year, according to data compiled by Bloomberg.

Comments (0)

This post 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 Product

Tigo’s New TS4-A-M (Monitoring) & TS4-A-S (Safety)

Tigo's New TS4-A-M (Monitoring) & TS4-A-S (Safety)

Tigo will announce the new product launch of the patented UHD-Core TS4-A (Advanced Retrofit/Add-on) Platform at SPI 2019. The new TS4-A-M (Monitoring) & TS4-A-S (Safety) units have improved lightweight hardware and lower labor costs to address a range of functions and budgets. The TS4-A-M allows module-level monitoring via Tigo's SMART Website & App. The TS4-A-S is UL-certified as a rapid shutdown solution for residential and C&I PV system. Both units join the Tigo's multivendor solution that works with almost any inverter and smart module in the global PV market. Contact sales@tigoenergy.com for pricing, shipping, and availability in Q4'19.