Google enters $103 million solar deal with Silver Ridge Power

Google enters $103 million solar deal with Silver Ridge Power

A snapshot of a Google solar energy project in Southern California. The tech giant invested just over $100 million in the project seen here — or one-third of the sum the company is spending on a new SolarCity fund geared toward residential solar.

Google has continued its multimillion-dollar push into the renewable energy market, after agreeing to invest approximately $103 million in the 265.7 megawatt Mount Signal Solar project in California.

Solar developer Silver Ridge Power announced last week that Google had become a partner in the project, which is currently under construction in Imperial County and is expected to become fully operational next year. The project already has a long-term power purchase agreement in place, which will see power generated by the facility sold to the San Diego Gas & Electric Company.

The deal represents Google's 13th investment in a utility scale renewable energy project -- an investment push that has seen it plough more than $1 billion into projects totaling more than 2 gigawatts of capacity.

Kojo Ako-Asare, Google's head of corporate finance, said the latest deal was a reflection of the company's "ongoing commitment to the renewable energy industry and our strong belief that investing in renewable energy makes business sense."

He also provided a strong indication that the trend would continue.

"This is the first time Silver Ridge Power has partnered with a technology company; we appreciate their innovative approach and we hope to see more such partnerships in the future," he said.

This article originally appeared at Business Green. To learn more about renewable energy and the convergence of sustainability and technology, be sure to check out VERGE SF Oct. 14-17.

Mount Signal solar project image courtesy of Google.