Google Puts $55M into Terra-Gen

5/24/11

Mountain View, CA-based Google announced today on its Green Blog that it has made a $55 million investment in New York, NY-based Terra-Gen Power, which is building a wind turbine farm in Southern California’s Tehachapi Mountains that will eventually supply 1,550 megawatts of electricity. The Google investment, alongside money from Citibank, will support Phase IV of the so-called Alta Wind Energy Center. Google said it’s employing a novel “leveraged lease” financial agreement under which the two companiese “are purchasing the Alta IV project and will lease it back to Terra-Gen, who will manage and operate the wind projects under long-term agreements.”

Wade Roush is a contributing editor at Xconomy. Follow @

By posting a comment, you agree to our terms and conditions.