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A wind investment deep in the heart of Texas
1/9/13
(Cross-posted from the
Official Google Blog
)
In late December, while most of us were busy wrapping presents, our Treasury team was tying a bow on our most recent
renewable energy deal
: an approximately $200 million equity investment in a wind farm in west Texas that generates enough energy to power more than 60,000 average U.S. homes.
Spinning Spur Wind Project is located in Oldham County, a wide open, windy section of the Texas Panhandle located about 35 miles from Amarillo. The 161 megawatt facility was built by renewable energy developer EDF Renewable Energy, a veteran in the industry that has overseen more than 50 other clean energy projects. Spinning Spur’s 70 2.3 MW Siemens turbines started spinning full time just before the end of the year, and the energy they create has been contracted to SPS, a utility that primarily serves Texas and New Mexico.
We look for projects like Spinning Spur because, in addition to creating more renewable energy and strengthening the local economy, they also make for smart investments: they offer attractive returns relative to the risks and allow us to invest in a broad range of assets. We’re also proud to be the first investor in an EDF Renewable Energy project that is not a financial institution, as we believe that corporations can be an important new source of capital for the renewable energy sector.
Spinning Spur joins
10 other renewable energy investments
we’ve made since 2010, several of which hit significant milestones in the past year:
The
Atlantic Wind Connection
received permission to begin permitting, an important step in advancing the construction of the United States’ first offshore backbone electric transmission system (more in this
new video
).
Shepherds Flat
, one of the world’s largest wind farms with a capacity of 845 MW, became fully operational in October.
The
Ivanpah
project, which is more than 75 percent complete and employs 2,000+ people, recently installed its 100,000th heliostat, a kind of mirror (more in this
new video
).
Just yesterday
(PDF), the fourth and final phase of Recurrent Energy's 88MW solar installation in Sacramento County, Calif., reached commercial operation.
Altogether, the renewable energy projects we’ve invested in are capable of generating 2 gigawatts of power. To give a better sense of what that really means, we came up with some comparisons (click to enlarge):
Here’s to a clean, renewable 2013!
Posted by Kojo Ako-Asare, Senior Manager, Corporate Finance
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