Google will provide $55 million to finance the 102 MW Alta IV project.So far Google has invested more than $400 million in the clean energy sector.
Alta wind energy project would generate 1,550 megawatts (MW) of energy when it gets completed.It would be one of the largest sites in the US for wind energy generation.It can generate enough power to light around 450,000 homes.
The Alta projects is based on leveraged lease. Under the leveraged lease, Google and Citi are purchasing the Alta IV project and will lease it back to Terra-Gen, who will manage and operate the wind projects under long-term agreements.
This project is already working well. The first five Alta projects are already operational, delivering 720 MW of energy to Southern California Edison, which will receive all 1,550 MW when completed, under a power purchase agreement signed with Terra-Gen in 2006.
Considering the result ( First five Alta projects) it seems good investments from Google.