- Global investment firm KKR and technology titan Google are set to unveil a deal to invest about $400 million in six solar plants being developed by Recurrent Energy, according to The Wall Street Journal. The deal could be announced as soon as today, the newspaper quoted people familiar with the matter.
- The solar farms—five in Southern California and one in Arizona—are expected to go online in January and their power will be sold on long-term power purchase agreements. They will produce a total of 106 megawatts.
- The $400 million investment represents both cash and debt with Google's equity stake valued at $80 million, one source told the Journal.
KKR and Google are among the larger, non-traditional investors in renewable power. Google has more than $1 billion tied up in wind power, solar facilities and even a mid-Atlantic transmission line for offshore wind farms. KKR has been making investments from its infrastructure fund in wind and solar projects around the world. In 2011, KKR and Google partnered to invest roughly $350 million in four California solar farms south of Sacramento.