Google Invests $145M in Regulus Solar Project
Google has agreed to provide $145 million in equity financing for the Regulus solar plant. When completed, the solar project will be SunEdison’s largest developed and constructed project in North America. Located in Kern County, Calif., the Regulus plant will begin operation later this year and will supply power to Southern California Edison through a 20-year power purchase agreement (PPA). SunEdison developed, designed, executed the structured financing and is constructing the Regulus project, which was contributed to TerraForm Power.
The 737-acre 82 MW DC solar PV power plant will be situated on an abandoned gas and oil field, and will include more than 248,000 mono-crystalline solar PV modules. Once operational, Regulus is expected to produce enough energy to power more than 10,000 homes.
Google has signed agreements to fund over $1.5 billion in renewable energy investments across three continents with a total planned capacity of more than 2.5 GW. This agreement represents the 17th renewable energy investment project for Google.
The software giant invested $168 million in the Ivanpah project, a partnership between NRG Energy and Brightsource Energy. The 3,600-acre plant opened on February 13.
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