Google provides $145 million for SunEdison solar project on former oilfield


Google has finalized US$145 million in equity financing for SunEdison's Regulus PV project, which is currently under construction in California's Kern County. SunEdison developed, designed, and is constructing the Regulus project, which is part of the initial portfolio of its TerraForm Power yieldco subsidiary.

The project comprises over 480,000 of SunEdison monocrystalline Silvantis PV modules spread over 3 square kilometers of an abandoned oil and gas field in Southern California's Kern County.

At 82 MW-DC it is a large utility-scale project, at a time when utility-scale PV projects are getting smaller. “We are seeing a shift somewhat from these large-scale projects and a big growth in the 1-30 MW range,” explains NPD Solarbuzz Senior Analyst Michael Barker.

Barker also says the participation of companies like Google is a sign of the increasing ability of PV projects to raise funds. “it is another piece of evidence that other large companies are finding the economics of these large-scale plants attractive,” notes Barker. “It means a lot more money is flowing into the downstream segment in the United States.”

Popular content

Analysts cite need to attract capital to support SunEdison's ambitious project pipeline as one of the main reasons for the creation of Terraform Power. By also seeking equity investments, SunEdison is maximizing its fundraising, and the participation of Google brings other benefits.

“Certainly having Google attached and Google funds is not a bad strategy or publicity issue,” notes Barker. “Whether (project funding) is through yieldcos or other forms of finance is just a balance.”

Regulus makes the 17th renewable energy project in three continents that Google has invested in since 2010, with a combined capacity of over 2.5 GW. This is Google's first investment in a SunEdison project.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.