Tuesday, May 4, 2010

Google makes first direct investment of $39 million USD in North Dakota wind farm

Google, the search engine and IT giant, has invested almost $39 million USD in two wind farms in North Dakota, already built by NextEra Energy Resources, reports the New York Times.

In February, 2010 the US Federal Energy Regulatory Commission (FERC) approved Google’s move into the energy market, enabling Google to sell energy, capacity and other services. It is believed that Google Energy intends to act as a power marketer by purchasing electricity and reselling it to wholesale customers.

The New York Times reported that the investment is a “tax equity investment”, allowing Google to earn a return based on the tax credits awarded by the government for renewable energy projects.

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