Google (NYSE: GOOG) has announced an approximately $200 million equity investment in the Spinning Spur wind farm located in Oldham County, Texas. Constructed and operated by EDF Renewable Energy the new wind power facility began operations in late 2012.
Spinning Spur is equipped with 70 Siemens 2.3 MW wind turbines for a generation capacity of 161 megawatt (MW), or enough energy to power more than 60,000 average U.S. homes. Power generated at the site has been contracted to Southwestern Public Service Co., a subsidiary of Xcel Energy (NYSE: XEL), under a 15-year power purchase agreement.
“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,” Google said in a statement on its blog.
“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.”
Since 2010, Google has invested in 10 separate wind and solar power projects across the U.S. With the addition of Spinning Spur, the company’s renewable energy investments are capable of generating up to 2 gigawatts of power.
Click here to view Google's Investing in Clean Energy Infographic