• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 18 mins Oil prices going down
  • 10 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 10 hours Two Koreas Agree To March Together At Asian Games
  • 1 hour When will oil demand start declining due to EVs?
  • 9 hours Oil and Trade War
  • 2 hours Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 2 hours Sell out now or hold on?
  • 44 mins Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 20 mins What If Canada Had Wind and Not Oilsands?
  • 12 mins Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 1 hour venezuala oil crisis
  • 5 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 10 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 14 hours Australia mulls LNG import
  • 3 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 7 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
Alt Text

Why Tesla Is Interested In Offshore Wind

Interest in offshore wind is…

Alt Text

U.S. Wind Energy Demand Surges

Exceptional demand for wind energy…

Alt Text

Can Deep Water Wind Farms Power The World?

A recent study suggests that…

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

Trending Discussions

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




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News