Reuters – Google Inc struck a deal with private equity company KKR & Co to invest about $400 million in six solar power plants being built by Recurrent Energy LLC in California and Arizona, the Wall Street Journal reported, citing people familiar with the matter.
Google and KKR’s joint investment will be made in cash and debt. Google’s equity stake is about $80 million, according to the newspaper.
The plants – five in southern California and one in Arizona – are designed to produce about 106 megawatts of electricity combined, or enough to power about 17,000 U.S. homes, the Journal said. ()
Google has been investing in clean energy for purposes including powering its data centers and has committed over $1 billion to wind and solar projects.
KKR runs an operational improvement program known as Green Portfolio Program (GPP) through which the private equity firm assesses the environmental impact of its portfolio companies.
Recurrent Energy is a unit of Japan’s Sharp Corp.
Google and KKR could not immediately be reached for comment by Reuters outside of regular U.S. business hours.