Project Development, Utility Scale, Wind Power

Google Invests US $38M in NextEra Wind Projects

Late last week, Google said that it had made its first direct investment in a utility-scale renewable energy project. The internet giant invested in two wind farms with a combined 169.5-megawatt (MW) installed capacity.

Both of the projects were developed by NextEra Energy Resources in North Dakota. Google said that its US $38.8 million tax equity investment is meant to accelerate the deployment of renewable energy. The two projects are the 120-MW Ashtabula 2 project in Barnes County and the 49.5-MW Wilton Wind 2 project in Burleigh County.

NextEra Energy Resources, a subsidiary of FPL Group Inc., announced that its subsidiary Peace Garden Wind Funding LLC, had sold approximately $190 million of Class B membership interests in Peace Garden Wind LLC, including Google’s investment.

NextEra Energy Resources said that it plans to use the proceeds from the sale to reimburse, in part, capital contributions made by NextEra to develop and build the wind facilities.
 
“This transaction marks NextEra Energy Resources’ second differential partnership transaction and the first since 2007,” said Armando Pimentel, FPL Group’s executive vice president of finance and chief financial officer. “We’re pleased that we continue to have access across the capital markets, including differential partnership structures, to fund the growth of the wind business.”