Google will invest around $103m in Silver Ridge Power’s 265.7MWdc Mount Signal utility-scale solar PV generating project, also known as Imperial Valley Solar 1, in Imperial County, California.
Of the committed funds, a significant portion is subject to customary conditions precedent, including the start of operations at Mount Signal, being developed by 8minutenergy and Silver Ridge Power, formerly known as AES Solar, a joint venture between AES and Riverstone Holdings.
Spanning across 1,963 acres in Antelope Valley, the under construction project, which is likely to generate enough energy to power around 72,000 households, will sell its output to the San Diego Gas & Electric under a 25-year power purchase agreement.
Google head of corporate finance Kojo Ako-Asare said that the latest invest represents the company’s ongoing commitment to promote the renewable energy industry.
Silver Ridge Power CEO Robert Hemphill said that the company now has Google as its partner in the Mount Signal Solar project and expects to complete it in 2014.
“Mount Signal Solar represents over half of Silver Ridge Power’s total installed capacity and will provide clean, renewable electricity to over 80,000 homes in California,” added Hemphill.