Google Sinks $145 Million Investment Into the Largest Solar PV Plant In North America: Largest Solar PV Plant In North America ( Solar Thermal Magazine ) BELMONT, California, Sept. 10, 2014. SunEdison, Inc., a leading global solar technology manufacturer and provider of solar energy services, today announced that Google Inc. has agreed to provide $145 million in equity financing for the Regulus solar plant. When completed, the Regulus 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. SunEdison developed, designed, executed the structured financing and is constructing the Regulus project, which was contributed to TerraForm Power and represents 10% of the 808 MW DC in the initial TerraForm portfolio. The 737-acre 82 MW DC solar photovoltaic (PV) power plant is in construction on an abandoned gas and oil field, and will be comprised of over 248,000 SunEdison mono-crystalline solar PV modules. Once operational, Regulus is expected to produce enough energy to completely power over 10,000 homes, with CO2 reductions equivalent to not burning 125 million pounds of coal annually. 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 (gigawatts). This agreement represents the 17th renewable energy investment project for Google and supports its continued push towards a clean energy future. Prudential Capital Group, a Prudential Financial asset management business, and Santander Bank, N.A., one of the largest retail banks in the U.S. by deposits, provided term financing for the project. The Santander Group has supported the construction of over six gigawatts of U.S. renewable energy projects since 2011, having invested more than $2 billion through debt, cash equity and tax equity in 36 transactions.
Posted on: Fri, 12 Sep 2014 11:47:43 +0000
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