Editor’s note: This article was first published in May 2013, when the South African solar project was still to be built; Google’s figures, including its count of renewable energy investments and its 1 billion dollar commitment to green energy projects, are from that time.
Google has just announced on its Green Blog that it will invest 12 million dollars in a 96-megawatt solar photovoltaic plant in South Africa. This would be Google’s first investment in Africa and its 12th renewable energy investment worldwide.
Google has committed to investing 1 billion dollars in green energy projects, focusing on two key factors. First, the investment has to make financial sense. Second, the project has to have transformative potential that strengthens the growth of the renewable energy industry and moves the world towards a clean energy future.
The South African project meets both requirements. Located in South Africa’s Northern Cape province, once it is finished it will generate enough energy to supply 30,000 homes.
Google has joined SolarReserve, Intikon Energy and the Kensani Group as the main funders of the project, which is backed by Rand Merchant Bank, the Public Investment Corporation and the Development Bank of Southern Africa.
The project will be one of the largest in South Africa, covering around 450 hectares with more than 325,000 solar modules.
Given the investment interest of giants such as Google and Warren Buffett’s Berkshire Hathaway, perhaps it is time to think about including a notable percentage of green energy in our investment portfolios, including wind and solar power companies.
Featured image: © The World Bank, Source: Global Solar Atlas 2.0, Solar resource data: Solargis, CC BY 4.0, via Wikimedia Commons.
