• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 7 hours EU has already lost the Trump vs. EU Trade War
  • 1 hour Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 22 mins Science: Only correct if it fits the popular narrative
  • 4 hours ''Err ... but Trump ...?'' *sniff
  • 49 mins China's Renewables Boom Hits the Wall
  • 9 mins What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 6 hours Tesla Launches Faster Third Generation Supercharger
  • 15 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 7 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 5 hours Crazy Stories From Round The World
  • 1 day Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire

Breaking News:

Russia Plans To Boost Crude Oil Exports

Alt Text

U.S. Wind Farm Developers Brace For Trade War Fallout

U.S. wind power developers brace…

Alt Text

Texas Has A New Favorite Energy Source

Texas, known world-wide for its…

Gloria Gonzalez

Gloria Gonzalez

Gloria is a writer for Environmental Finance.Environmental Finance is the leading global publication covering the ever-increasing impact of environmental issues on the lending, insurance, investment…

More Info

Premium Content

Google Puts More Money into Giant Californian Wind Farm

Google and investment bank Citi have boosted their investments in the largest wind farm in the US.

The companies will finance a second phase of the Alta Wind Energy Center (AWEC) in California, developed by Terra-Gen Power, an affiliate of ArcLight Capital Partners and Global Infrastructure Partners.

Citi and Google will each invest $102 million in the project, on top of the $55 million each invested last month, bringing their total investment to $314 million.

The financing is structured as a leveraged lease whereby the investors have committed to purchase parts of the project at the start of commercial operations and lease them back to Terra-Gen, which will continue to manage and operate the wind farm under long-term agreements.

Citi and Google will now hold leveraged leases for two phases of the project totalling 270MW.

Citi has also underwritten the equity financing for several phases of the Alta project totalling 570MW.

Mega wind farm will total 1.55GW

AWEC will surpass the 1GW mark by the end of the year and will ultimately have a generating capacity of 1.55GW — nearly double the capacity of the largest currently operating US wind energy installation. Under a power purchase agreement signed in 2006, AWEC will supply all of its power to utility Southern California Edison.

The initial five phases of the Alta project, with a generating capacity of 720MW, are now complete and providing electricity to the grid, representing a 25% increase in installed wind capacity in California.

Alta will connect up to a transmission line built as part of the 4.5GW Tehachapi Renewable Transmission Project, developed to transport electricity from remote, clean energy rich areas in the Tehachapi area to population centres in southern California and elsewhere.

“We’re excited to make this additional investment in the Alta Wind Energy Center, because the project harnesses a proven local wind resource through a clean power transmission line to help California meet its ambitious renewable energy goals, while using an innovative financial structure that may attract more investment in renewable energy projects from new types of investors,” said Rick Needham, director of green business operations at Google.

By. Gloria Gonzalez

Source: Environmental-Finance




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play