Google Inc. and private equity firm KKR & Co. said today they are buying a majority stake in four solar farms near Sacramento that have contracts to supply SMUD.
Google and private equity firm KKR & Co. are taking majority ownership in four solar farms developed by Recurrent Energy. The solar farms are being built near Elk Grove and Galt.
Recurrent has a 20-year agreement to supply the Sacramento Municipal Utility District. Three of the solar farms are to be completed sometime in early 2012, while the fourth will follow later in the year.
The solar farms are expected to generate enough electricity to power 13,000 homes.
"The investment is a clear demonstration of solar's ability to attract private capital from well-established investors like google and KKR," said Recurrent chief executive Arno Harris in a press release. "This transaction provides an example of the direction solar is headed as a viable, mainstream part of our energy economy."
Terms of the deal weren't released. The deal was first reported in today's Wall Street Journal.
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