Google mulls funding for renewable energy

Wed Dec 2 2009, 10:12 AM

Google could invest in medium and large-scale renewable energy projects, according to director of climate change energy initiatives, Dan Reicher. Through its philanthropic arm Google.org, the firm has invested in clean technology startups including AltaRock Energy and BrightSource Energy, however it has yet to invest directly in power projects.

The economic uncertainty of the past year has led to a lack of project financing and the stalling or abandonment of a number of projects in the sector. Google says it hopes to help projects get off the ground.

Earlier this year, another Google.org investment, eSolar, took on investment from US-based NRG Energy and India’s ACME Group to license its technology and partner on projects. eSolar had previously planned to develop large-scale solar thermal plants.