Mountain View based technology giant Google Inc. is likely to announce, on Tuesday, a new joint investment with KKR & Co. Inc. in a California based solar-power project.
KKR & Co. happens to be a leading private equity firm in the region. According to people with knowledge on the current proceedings, with this newly inked deal coming into effect, both the Internet search giant and KKR are likely to emerge as the majority owners of 4 solar farms located in south Sacramento, The Wall Street Journal revealed.
Meanwhile, the project's developer Recurrent Energy will retain its position as a minor owner, while simultaneously operating the facilities. Recurrent Energy happens to be a subsidiary of Sharp.
Off late Google has been putting together some extra efforts towards investment in renewable energy sources. With this new joint venture with KKR, the total amount of the company's investment in the sector will surpass the $900 million landmark.
KKR has also successfully established itself as one of the major investors in energy projects. It was only last month when the private equity firm acquired private explorer firm Samson Investment Co. for a massive $7.2 billion.