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Citi, Google to invest $110 million in wind energy project
Credit: Reporting by Vaishnavi Bala in Bangalore; Editing by Roshni Menon, Reuters, www.reuters.com 24 May 2011 ~~
Google Inc and Citigroup Inc will each invest $55 million in Terra-Gen Power’s 102 megawatt Alta IV project in California, the companies said.
Renewable energy developer Terra-Gen Power is constructing the 1,550 MW Alta Wind Energy Center(AWEC) project in several phases, five of which have been completed.
Google and Citi will purchase the project and lease it back to Terra-Gen, who will manage and operate it under a long-term agreement, Google said in a statement.
Terra-Gen in an affiliate of ArcLight Capital Partners and Global Infrastructure Partners.
The project is slated to be one of the largest sites in the United States for wind energy generation – enough to power 450,000 homes.
With this deal, Google would have invested more than $400 million in the clean energy sector. As part of plans to reduce its carbon footprint, Google has been buying renewable electricity to power its data centers.
Last year, Google’s energy unit, Google Energy, signed a deal to buy wind power from NextEra for 20 years.
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