Google has made a $80 million equity investment in six solar-power plants – five located in California and one in Arizona. All six of the solar projects are expected to begin operations in January 2014 and provide enough electricity to power 17,000 homes. Milbank, Tweed, Hadley & McCloy LLP represented Google who partnered with leading private equity investor KKR & Co. L.P. on the project.
The solar plants are being built by San Francisco-based Recurrent Energy, owned by Sharp Corporation of Japan, and have a total capacity of 106 megawatts.
The Milbank team was co-led by Los Angeles-based Project Finance partner Karen Wong and Mark Regante of the firm’s Tax group in New York, assisted by Of Counsel Michael Dayen and Leah Karlov, and associates Hao Huang and Kristine Wang.
Ms. Wong said, “We’re very pleased to handle another major investment by Google demonstrating its commitment to green energy. The company has made more than a dozen investments in the renewable energy sector such as wind and solar.”
Google has been a leading pioneer among larger tech companies such as Facebook, Microsoft, and Apple, which are now buying or investing in green energy plants as a way to reduce their carbon footprints. “We are excited to partner again with KKR and Recurrent Energy in our investment in the portfolio of solar projects and successfully execute it with the assistance and coordination from the Milbank team,” said Yana Kravtsova, Legal Head of Renewables at Google.
Milbank has represented Google in a number of renewables investments within the past several years. “Google continues to lead the way for the technology industry and corporate America in advancing a sustainability model for its business, and we are thrilled to have advised on yet another substantial investment by the company in the renewable space,” said Milbank’s Mr. Regante. “Added to its previous commitments to solar and wind power, the latest investments in California and Arizona enhance its reputation as a leader in green business.”