Norway’s Scatec Solar ASA has signed on to a $157 million financing deal with Google and Prudential Capital Group to construct a 104 MW solar power plant in the U.S. state of Utah.
When complete, the Utah Red Hills Renewable Energy Park will be Scatec Solar’s largest project in North America.
Bankrolled by Google and Prudential, the project will boast a total investment of some $188 million. Google is providing tax equity and Prudential is putting up debt financing while Scatec Solar will provide sponsor equity.
Google and Scatec Solar will own the plant via a joint venture between the two companies, which structured and executed the financing for the project. Scatec Solar will manage and operate the plant.
Google’s appetite for tax-credit investment in PV shows few signs of abating. Google has signed agreements to fund more than $1.5 billion in renewable energy investments across three continents with a total planned capacity of more than 2.5 GW. The latest deal represents the Internet giants 18th renewable energy investment.
The companies expect the Red Hills solar park to generate around 210 million kilowatt hours of electricity a year, which will be fed into the grid under a 20-year power purchase agreement with PacifiCorp’s Rocky Mountain Power.