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Google investments in solar panel construction business

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22 December 2011
Internet giant Google and leveraged buyout specialists Kohlberg Kravis Roberts (KKR) have signed an agreement to purchase four photovoltaic power plants in California from PV project developer Recurrent Energy, a Sharp subsidiary.
Although the terms of the partnership were not disclosed, the search engine company said it will inject $94 million into Recurrent's photovoltaic solar panel construction business, raising its total investments in clean energy generation to $915 million.
The deal represents KKR's third renewable energy project pursuit—earlier this year, the firm used its infrastructure fund to invest in Spain's T-Solar, a Spanish company with expanding operations in India and Peru, and French wind-park operator Sorgenia SpA.
The partners will benefit from Recurrent's existing 20-year power purchase agreement with the Sacramento Municipal Utility District that covers the feeding of enough electricity into the state's power grid to serve 13,000 homes.
Google last month canceled its in-house initiative to develop clean energy technology, opting instead to focus on making direct investments in projects headed by others.
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