Google, KKR (KRR) Make Investment in Sacramento Solar PV Facilities
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Google (Nasdaq: GOOG), Kohlberg Kravis Roberts & Co. L.P. (NYSE: KKR), and Recurrent Energy today announced an investment in a portfolio of solar photovoltaic (PV) facilities serving the Sacramento Municipal Utility District (SMUD).
The portfolio of projects is financed with a combination of debt and equity, which includes a significant equity investment from Google in addition to equity from SunTap Energy RE LLC, a new venture formed today by KKR to invest in solar projects in the U.S.
TSunTap is KKR’s third renewable energy investment in 2011 and its first renewable investment in the U.S. Other recent transactions include investments in Sorgenia, a leading French wind park operator and T-Solar, a leading solar energy company in Spain. Over the last year, KKR has made five infrastructure investments, which, with the creation of SunTap, total over $1.5 billion in invested capital.
To establish SunTap, KKR committed $95 million line of equity, a portion of which will be drawn for this investment. The rest of the equity will be invested in similar projects.
The portfolio of projects is financed with a combination of debt and equity, which includes a significant equity investment from Google in addition to equity from SunTap Energy RE LLC, a new venture formed today by KKR to invest in solar projects in the U.S.
TSunTap is KKR’s third renewable energy investment in 2011 and its first renewable investment in the U.S. Other recent transactions include investments in Sorgenia, a leading French wind park operator and T-Solar, a leading solar energy company in Spain. Over the last year, KKR has made five infrastructure investments, which, with the creation of SunTap, total over $1.5 billion in invested capital.
To establish SunTap, KKR committed $95 million line of equity, a portion of which will be drawn for this investment. The rest of the equity will be invested in similar projects.
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