Google will invest approximately $103 million in Silver Ridge Power’s Mount Signal Solar project. Based in Imperial County, Calif., the project, also known as Imperial Valley Solar 1, is a solar generating plant under construction. Mount Signal Solar is expected to be running in 2014 and has agreed to sell its output to the San Diego Gas & Electric Company. Headquartered in Arlington, Virginia, Silver Ridge Power, which is backed by AES Corp. and Riverstone Holdings, is an operator of solar power plants.
ARLINGTON, Va. & MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Silver Ridge Power, LLC (“Silver Ridge Power”), formerly known as AES Solar, and Google Inc. (“Google”) announced today that Google became a partner and will invest approximately $103 million in Silver Ridge Power’s 265.7 MW Mount Signal Solar project. The project, also known as Imperial Valley Solar 1, is a utility-scale solar photovoltaic (“PV”) generating plant under construction in Imperial County, California. Mount Signal Solar is expected to be fully operational in 2014 and will sell its output to the San Diego Gas & Electric Company under a long-term power purchase agreement. Google’s obligation to provide a significant portion of the committed funds is subject to customary conditions precedent, including the commencement of operations at Mount Signal Solar.
Silver Ridge Power’s global portfolio now totals approximately 522 MW in operation or construction in seven countries, making Silver Ridge Power one of the world’s largest owners and operators of utility-scale, solar PV power plants. Note that references to MW are in direct current (“DC”).
This is Google’s thirteenth renewable energy investment. In total, the company has committed over $1 billion to projects that will enable the generation of more than 2GW of electricity, enough to power over 500,000 homes.
“Our investment in Mount Signal Solar is a reflection of Google’s ongoing commitment to the renewable energy industry and our strong belief that investing in renewable energy makes business sense,” said Kojo Ako-Asare, Google’s Head of Corporate Finance. “This is the first time Silver Ridge Power has partnered with a technology company; we appreciate their innovative approach and we hope to see more such partnerships in the future.”
“We are pleased to have a world-class partner in Google on our flagship Mount Signal Solar project. We are on schedule to complete the project in 2014 and when completed it will be one of the largest single-axis tracker PV plants in the world,” said Robert Hemphill, CEO of Silver Ridge Power. “Mount Signal Solar represents over half of Silver Ridge Power’s total installed capacity and will provide clean, renewable electricity to over 80,000 homes in California.”
About Silver Ridge Power
Silver Ridge Power, formerly known as AES Solar, is a joint venture between The AES Corporation and Riverstone Holdings, LLC formed to develop, own and operate utility-scale solar power plants. Silver Ridge currently has 522 MW in operations and construction with operations in the USA, Italy, Spain, France, Bulgaria, India, and Greece and substantial development activity in the United States and in other countries. For more information, visit www.srpcorp.com.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google’s innovations in web search and advertising have made its website a top Internet property and its brand one of the most recognized in the world.
About Riverstone Holdings LLC
Riverstone is an energy and power-focused private equity firm founded in 2000 with approximately $26 billion of equity capital raised across seven investment funds. Riverstone conducts buyout and growth capital investments in the exploration and production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $24 billion to 103 investments in North America, Latin America, Europe, Africa and Asia.
The AES Corporation (NYSE:AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 21 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 25,000 people is committed to operational excellence and meeting the world’s changing power needs. Our 2012 revenues were $18 billion and we own and manage $42 billion in total assets. To learn more, please visit www.aes.com.