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Google invests $145 million in oil field to solar plant project

Sep 11
19:09 2014

Google will invest $145 million to fund the construction a solar power plant on an abandoned California oil filed by Missouri-based utility SunEdison. The funds will be used to build the Regulus solar plant in Kern County, California. The 82 MW DC solar photovoltaic (PV) power plant will cover 737 acres on an abandoned gas and oil field. Regulus will hold over 248,000 SunEdison mono-crystalline solar PV modules and will produce enough energy to completely power over 10,000 homes. The plant will supply power to southern California through a 20 year power purchase agreement with California-based utility Edison. The plant is expected to be operational later this year. SunEdison developed, designed, executed structured financing and is constructing the Regulus project. The plant is owned by Maryland-based TerraForm Power, a subsidiary of SunEdision. “We believe the world needs a wide range of clean energy technologies, each serving different needs,” renewable energy principal at Google Nick Coons said. Regulus is the seventeenth alternative energy project California-based Google has invested in. The company has invested more than $1.5 billion in alternative projects around the country. Source;petroglobal

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