Monday, May 3, 2010

Google Invests $39 Million In Wind Farms

Via the NTY... On Monday, Google said that it invested $38.8 million in two North Dakota wind farms built by NextEra Energy Resources, a subsidiary of FPL Group, a $16 billion electricity company based in Florida. Google’s investment’s represents a minority interest in a $190 million round of financing for the projects. The two wind farms have already been built, and Google said that its investment will provide funds for NextEra to invest in additional renewable energy projects. Google’s investment takes the form of a “tax equity investment” where it will earn a return based on the tax credits awarded by the government for renewable energy projects, said Jamie Yood, a Google spokesman. (Source: NYT)

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