Google Named as Investor in $5 Billion Wind Project
October 12, 2010
(ChattahBox News) - Add a $5 billion, 350-mile backbone wind power transmission project to the long list of projects Google has recently been participating in. According to Venturebeat, the company announced that it will be among investors for the wind power project that will stretch from New Jersey to Virginia and have the ability to network 6,000 megawatts of offshore wind turbines. The energy line would run in shallow waters just offshore and would provide green energy for the surrounding areas.The idea to build these wind farms lies in the fact that winds are stronger and steadier in offshore locations, the turbines wouldn’t be an eyesore, and the noise generated by the turbines would be far away from the ears of residents. Google’s green business director Rick Needham stated on the Google blog that they are “willing to take calculated risks on early stage ideas and projects that can have dramatic impacts while offering attractive returns”. In this case, the returns would be vast.
Construction of this wind power project could start by 2013 and would create a 150-mile portion of the project from New Jersey to Delaware that could be functional by 2016. The rest of the project wouldn’t feasibly be finished until at least 2021. However, if and when finished, the project would produce enough energy to power nearly 2 million homes. Google would be taking a 37.5% stake in the initial phase of the project with their $200 million investment. The project will be constructed by Trans-Elect and Japanese company Marubeni. At present time, Google, Good Energies, and Marubeni hold 90% of stake in the project, which would require even more funding in the future.
The offshore wind farm would create a grid off the Mid-Atlantic coast and create a myriad of new jobs and industry for American workers according to CEO of Trans-Elect Bob Mitchell. Experts agree that the wind project is one solution to a lack of energy produced by wind power the East Coast. Many coastal areas in the U.S. have large concentrations of people and not enough access to land-based wind farms. This project would allow coastal states to take advantage of their most abundant renewable resource and maximize the use of steady and stronger offshore winds.
With all of the investing in clean energy strategy, Google has established itself as one of the leading companies in green solutions. Having invested in eSolar, the creation of Google Energy, a pledge for Google Energy to purchase wind power from a wind farm in Iowa, and providing free home energy management tools via Google PowerMeter, it seems as the company is really doing its part to offset carbon emissions before it takes over the world.