MOUNTAIN VIEW (dpa-AFX) - Google Inc. (GOOG) announced a renewable energy deal on Wednesday, saying it has made a $200 million equity investment in a wind farm in west Texas.
In a blog posted on Google's web site, Kojo Ako-Asare, Senior Manager, Google Corporate Finance, noted that the wind farm has the capacity to generate 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.
Google noted that Spinning Spur's 70 2.3 MW Siemens turbines started spinning full time just before the end of 2012. The energy created by the wind farm has been contracted to SPS, a utility that primarily serves Texas and New Mexico.
Google said it was looking for projects like Spinning Spur as they create more renewable energy and also strengthen the local economy. Further, the company noted that these projects make for smart investments as they offer attractive returns relative to the risks and also enable the company to invest in a broad range of assets.
Google has made investments in ten other renewable energy projects since 2010, including the Shepherds Flat wind farm in Oregon and the Ivanpah solar energy project in California. The company noted that the renewable energy projects it has invested in are capable of generating 2 gigawatts of power.
GOOG closed Wednesday's trading at $738.12, up $4.82 or 0.66 percent on a volume of 2.03 million shares.
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