Web giant Google has invested US$103 million in Silver Ridge Power’s 265.7MW Mount Signal Solar project.
The plant, also known as Imperial Valley Solar 1 is currently under construction and is expected to be operational during 2014. It is being developed by 8minutenergy Renewables.
“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,” added Ako-Asare.
Silver Ridge Power, formerly AES Solar, has around 522MW of in operation or under construction making it one of the world’s largest owners and operators of utility-scale PV plants.
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.
“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, 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,” he added.
Silver Ridge Power is a joint venture between AES Corporation and energy-focussed private equity firm Riverstone Holdings.