See the Google Ventures announcement below:
Today, we agreed to make our first clean energy project investment in Europe – a €3.5 million (ca. $ 5 million) investment in a solar photovoltaic (PV) power plant in Germany. The transaction still requires the formal approval of the German competition authorities and is subject to other customary closing conditions.
Google is always looking for new ways to encourage development and deployment of renewable energy across the world. This facility will provide clean energy to more than 5,000 households in the area surrounding Brandenburg. Until the early 90’s, the site was used as a training ground by the Russian military. We’re glad it has found a new use!
We agreed to jointly invest in this project with the German private equity company Capital Stage, which brings strong experience in the German photovoltaic and renewable energy market. Germany has a strong framework for renewable energy and is home to many leading-edge technology companies in the sector. More than 70% of the solar modules installed in Brandenburg are provided by German manufacturers.
After investing in clean energy projects in the U.S., we’re excited about making our first investment outside of the U.S. in Germany, a country that has long been a global leader in clean energy development.
- CoolPlanetBiofuels Gets Series B Funding from Google Ventures Posted on March 23, 2011
- Transphorm raises $20 million in round led by Google Ventures Posted on March 1, 2011