Thursday, April 7, 2011 | 10:06 AM
Labels: Energy + Environment
Today, we agreed to make our first clean energy project investment in Europe - a €3.5 million (ca. $ 5 million) investment in a solar photovoltaic (PV) power plant in Germany. The transaction still requires the formal approval of the German competition authorities and is subject to other customary closing conditions.
The recently completed facility is located on 47 hectares (116 acres) in Brandenburg an der Havel, near Berlin. The power plant has a peak capacity of 18.65MWp, which puts it among the largest in Germany.
Google is always looking for new ways to encourage development and deployment of renewable energy across the world. This facility will provide clean energy to more than 5,000 households in the area surrounding Brandenburg. Until the early 90’s, the site was used as a training ground by the Russian military. We’re glad it has found a new use!
We agreed to jointly invest in this project with the German private equity company Capital Stage, which brings strong experience in the German photovoltaic and renewable energy market. Germany has a strong framework for renewable energy and is home to many leading-edge technology companies in the sector. More than 70% of the solar modules installed in Brandenburg are provided by German manufacturers.
After investing in clean energy projects in the U.S., we’re excited about making our first investment outside of the U.S. in Germany, a country that has long been a global leader in clean energy development.