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Google to Invest $145 Million on SunEdison Solar Project

Google Inc. (GOOG) agreed to provide $145 million in fundings for an 82-megawatt SunEdison Inc. (SUNE) solar power plant in southern California, the latest renewable energy investment from the technology company.

SunEdison is building the Regulus project in Kern County, California, for its TerraForm Power Inc. (TERP) business unit that owns and operates solar farms, the St. Peters, Missouri-based company said today in a statement. The project, which will use SunEdison solar panels, will be begin operation later this year.

Regulus will be the 17th renewable energy project funded by Google, which has agreed to invest more than $1.5 billion in renewable energy with a combined capacity of more than 2.5 gigawatts.

The project will sell power to Edison International (EIX) utility Southern California Edison under a 20-year contract. Prudential Financial Inc. (PRU)’s asset management business Prudential Capital Group and Banco Santander SA (SAN)’s U.S. retail bank provided term financing for the project.

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