Google would be investing USD 103 million in the 265.7 megawatt Mount Signal Solar project of Silver Ridge Power. The utility-scale solar photovoltaic generating plant is located in Imperial County, California and was still in construction. Silver Ridge Power said it would expect the plant to become functional next year. The San Diego Gas & Electric Company would be buying the output from the solar power operator through a long-term power purchase agreement. Silver Ridge Power is backed by AES Corp and Riverstone Holdings.
Google would be providing its share of the funds only after certain conditions are met. One of the conditions that need to be met before Google would start funding was for Mount Signal Solar operations to begin.
This investment would be Google's thirteenth investment in renewable energy so far. The firm had given USD 1 billion in capital commitments in projects that would power more than 500,000 homes.
Google Head of Corporate Finance Kojo Ako-Asare said, "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."
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