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Google to invest $103MM in Mount Signal solar power project

Google (NYSE: GOOG) will invest about $103 million in a utility-scale solar photovoltaic power project located in Imperial County, Calif.

The 265.7 megawatt Mount Signal Solar project is being developed by Silver Ridge Power and is expected to be operational in 2014. The power generated at the plant will be sold to San Diego Gas & Electric Company under a long-term power purchase agreement.

This is the 13th renewable energy project Google has invested in. The tech giant has investment more than $1 billion to more than 2 gigawatts of renewable power – enough to power more than 500,000 homes, a release from Silver Ridge power stated.

“Our investment in Mount Signal Solar is a reflection of Google’s ongoing commitment to the renewable energy industry and our strong belief that investing in renewable energy makes business sense,” said Kojo Ako-Asare, head of corporate finance at Google. “This is the first time Silver Ridge Power has partnered with a technology company; we appreciate their innovative approach and we hope to see more such partnerships in the future.”

Google has formed Google Energy, which received governmental approval to buy and sell wholesale electricity, Forbes reported. The company hopes to send more renewable energy to electric grids where its data centers are located.

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