Hey—we've moved. Visit
The Keyword
for all the latest news and stories from Google
Official Blog
Insights from Googlers into our products, technology, and the Google culture
Investing in the Alta Wind Energy Center
May 24, 2011
(Cross-posted from the
Google Green Blog
)
The Mojave Desert might be best known for its
scorching sun
and
scary sidewinders
, but the wind blows hard where the Mojave sands meet the Tehachapi Mountains in southern California, making it a
great spot
for wind turbines. It’s the site of the
Alta Wind Energy Center
(AWEC), which will generate 1,550 megawatts (MW) of energy when complete, making it one of the largest sites in the country for wind energy generation—enough to power 450,000 homes. Renewable energy developer Terra-Gen Power is constructing the site in several phases and we’ll provide $55 million to finance the 102 MW Alta IV project. Citibank, which has underwritten the equity for Alta Projects II-V, is also investing in this project.
We’re always looking for projects that are uniquely positioned to transform our energy sector. As part of the new 4,500 MW Tehachapi Renewable Transmission Project (TRTP), AWEC uses some of the first transmission lines developed specifically to transport renewable energy from remote, resource-rich areas (like the Mojave) to major population centers.
The Alta Wind Energy Center under construction
The Alta projects also employ an innovative financial structure called a
leveraged lease
, which has been used previously in the solar industry but has only recently become an option for wind projects. 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.
The first five Alta projects are already operational, delivering 720 MW of energy to Southern California Edison, which will receive all 1,550 MW when completed, under a power purchase agreement signed with Terra-Gen in 2006. While Google won’t be purchasing the electricity from this project, AWEC will help California meet its
ambitious renewable portfolio standard
of 33 percent clean power by 2020. The whole site will boost California’s wind generation by 30 percent.
With this deal, we’ve now invested more than $400 million in the clean energy sector. We hope AWEC’s success, with its unique deal structure and renewable energy transmission, encourages more financing and development of renewables that will usher in a new energy future.
Update
6/22:
Today, we’re increasing our investment in the
Alta Wind Energy Center
(AWEC) in Tehachapi, Calif. by providing another
$102 million
to finance the 168 MW Alta V Project. This adds to the $55 million investment we announced here last month for the 102 MW Alta IV project. We’ve now invested $157 million in 270 MW of clean, wind energy generation at AWEC. And that brings our total invested in this sector to more than $780 million, with over $700 million invested this year alone
—
all in projects that not only provide us strong financial returns, but also help to accelerate the deployment of over 1.7 GWs of clean renewable energy.
Posted by Rick Needham, Director of Green Business Operations
Labels
accessibility
41
acquisition
26
ads
131
Africa
19
Android
58
apps
419
April 1
4
Asia
39
books + book search
48
commerce
12
computing history
7
crisis response
33
culture
12
developers
120
diversity
35
doodles
68
education and research
144
entrepreneurs at Google
14
Europe
46
faster web
16
free expression
61
google.org
73
googleplus
50
googlers and culture
202
green
102
Latin America
18
maps and earth
194
mobile
124
online safety
19
open source
19
photos
39
policy and issues
139
politics
71
privacy
66
recruiting and hiring
32
scholarships
31
search
505
search quality
24
search trends
118
security
36
small business
31
user experience and usability
41
youtube and video
140
Archive
2016
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2015
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2014
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2013
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2012
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2011
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2010
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2009
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2008
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2007
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2006
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2005
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2004
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Feed
Google
on
Follow @google
Follow
Give us feedback in our
Product Forums
.
Follow
