Google to invest $145 Million for SunEdison solar plant in NA

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SunEdison, provider of solar energy services has announced that Google has agreed to provide $145 million in equity financing for the Regulus solar plant.

The Regulus solar project will be SunEdison’s largest developed project in North America on completion. It is expected to begin operation later this year, and will supply power to Southern California Edison through a 20-year PPA.

The project was contributed to TerraForm Power and represents 10 percent of the 808 MW DC TerraForm portfolios.

The PV power plant being constructed on an abandoned gas and oil field will be comprised of 248,000 SunEdison mono-crystalline solar PV modules.

Regulus is projected to produce energy to power over 10,000 homes, with carbon reductions equivalent to not burning 125 million pounds of coal annually.

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From developing the technology, to constructing the facility, to establishing mutually beneficial financial partnerships with leaders like Google, Prudential and Santander Bank, Regulus is a prime example of how SunEdison’s end-to-end approach benefits everyone involved in a solar project, said Bob Powell, president, North America at SunEdison.

The world needs a wide range of clean energy technologies, each serving different needs. This project with SunEdison to take an old gas and oil field and turn it into a clean energy site made sense to support on multiple levels, said, Nick Coons, renewable energy principal, Google.

Google has agreed to fund over $1.5 billion in renewable energy investments across three continents with a total planned capacity of more than 2.5 GW. This agreement represents the 17th renewable energy investment project for Google.

Prudential Capital, an asset management business, and Santander Bank, the retail banks in the U.S provided term financing for the project.

TerraForm Power, owned by SunEdison with a major share, reflects the company’s commitment to the quality and performance of solar systems. Operation and maintenance for the system will be performed by the SunEdison Renewable Operation Center (ROC).

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