Last week, private equity firm KKR, headed up by co-founders Henry Kravis and George Roberts, announced a major win for clean energy:
“Google, KKR and Recurrent Energy today announced that Google and KKR are making an investment in six solar photovoltaic (PV) facilities that are currently being developed and will be managed by Recurrent Energy. The solar facilities, located in California and Arizona, have a combined production capacity of approximately 106 megawatts (MW) and will provide clean electric power to local utilities and municipal offtakers under long-term Power Purchase Agreements (PPAs),” reads a press release from November 14th.
This major investment will generate enough solar energy to power 17,000 U.S. homes—which are expected to be operational by the end of January 2014. This isn’t the first time the three companies have partnered up, either. In 2011, they announced their investment in four utility-scale solar facilities in California.
“Google and KKR’s continued partnership with Recurrent Energy showcases their strong commitment to a clean energy future,” said CEO of Recurrent Energy, Arno Harris. “Their leadership in clean energy investment further validates solar as an integral part of our energy economy.”
According to the press release, Google has now made 14 renewable energy investments, and has committed over $1 billion to renewable energy. This will be KKR’s fifth investment in renewable energy. KKR also has a very successful “Green Portfolio” program that works with its portfolio companies to reduce waste and become more ecofriendly.
This new investment is a major milestone for solar energy and renewable energy as a whole. With wind and solar combined, hopefully someday our country and the world will be able to power itself instead of burning up valuable, irreplaceable resources.