Google Inc (NASDAQ:GOOG) to Invest $103 Million In Silver Ridge

Google Inc (NASDAQ:GOOG) will invest about $103 million in Silver Ridge Power, LLC, a solar panel firm. After adding this deal the search giant will collectively made thirteenth renewable energy investment, so far in renewable energy sector. The tech company has initially made a small investment but commitment to invest more than $1 billion to projects that will help in making electricity of over 2GW, the amount of electricity sufficient to power more than 500,000 homes.

The search giant Google Inc (NASDAQ:GOOG) will invest this amount in the solar manufacture’s 265.7 MW Mount Signal Solar project. This project which is commonly known as Imperial Valley Solar 1, and expected to be completed in 2014, and the plant will generate solar photovoltaic manufacturing in Imperial County, California.

According to the deal, the unit will sell its product to the San Diego Electric & Gas Company, in a long-term power purchase contract. In this entire venture the search giant’s responsibility is to offer an important part of the dedicated finances is subject to normal circumstances pattern, as well as the commencement of function at Mount Signal Solar.

Overall the solar firm’s international portfolio at the present are roughly 522 MW in operation or construction in 7-countries, making the firm one of the globe’s biggest  operator and owners of solar PV power, utility-scale plants.

The tech giant’s Head of Corporate Finance, Kojo Ako-Asare, has said the company venture in Mount Signal Solar is a sign of the firm’s constant dedication to the renewable energy sector, as well as the company strong faith that investing in this sector makes business sense. This is the first partnership of solar firm with any of the technology sector company; the search giant welcomes the firm new advancement and Google is looking forward to such partnerships in the future also.

According to Chief executive Officer of renewable energy firm, Robert Hemphill, the company’s management is pleased to have a world-class associate under the company brad Mount Signal Solar project. The brand which embodies more than half of the parent firm’s entire installed capacity will provide renewable, clean energy to more than 80,000 homes in California. Google shares advanced 1.25% to $866.59 in current session.