Internet giant Google has been confirmed as one of two investors in a 104MW PV power plant being developed and built by Norwegian firm Scatec Solar in Utah.
Along with Prudential Capital Group, Google will invest US$157 million in Scatec’s Red Hill project, which will be company’s largest in the US to date.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Scatec Solar said it had closed project financing for the plant last week, but further details of the deal have been revealed today.
Google is providing tax equity and Prudential debt financing for the project, while Scatec Solar is providing sponsor equity. Total investment in the plant will come to US$188 million.
When Red Hills is complete, Google will co-own the plant with Scatec Solar.
“We are very pleased to finalise financing for the Red Hills project and start construction on our largest project in North America,” said Scatec Solar CEO Raymond Carlsen.
The investment is Google’s 18th in renewable energy projects and takes its total funding agreements for renewables worldwide to US$1.5 billion, according to Scatec Solar.
The ground-mounted PV facility is being developed on approximately 260 hectares of privately-owned land in Parowan, Utah, and is due for completion by the end of 2015.
The plant will qualify for the US’ 30% Investment Tax Credit for solar power plants, which is due to be cut to 10% next year.
