Google’s investment into clean energy has reached more than $400 million with the recent $55 million it gave to a wind energy project in the Mojave Desert.
The company announced in a blog post (opens in new tab)that it will be invest $55 million in the Alta Wind Energy Center, which is capable of generating 1,550 megawatts (MW) of energy when completed.
The wind energy plant is being constructed by Terra-Gen Power and will also receive investment from CitiBank, which is also handling the equity for the project.
A part of the 4,500 MW Tehachapi Renewable Transmission Project (TRTP), the Alta Wind Energy Center will generate enough electricity to power 450,000 homes.
Google explained that the project has deployed an innovative financial structure, called a leveraged lease, that has previously been used in the solar industry.
“Under the leveraged lease, Google and Citi are purchasing the Alta IV project and will lease it back to Terra-Gen, who will manage and operate the wind projects under long-term agreements. We hope this structure encourages more investment by enabling other types of investors who might not typically consider wind projects,” Rick Needham, Director of Green Business Operations at Google, wrote on the blog.