Hasta La Ideas

Last month, search giant Google got into the home building business by partnering with U.S. Bank in financing the construction of 480 affordable housing units for low income families and seniors in locations across the country. Now they’re branching out again into the non-online world with the announcement that the company has just financed a wind power project. Called the Atlantic Wind Connection, 6,000 wind turbines, 350 miles off the coast running from New Jersey to Virginia are to be connected in one of the largest wind-produced power generator in the country. Google sees it as an investment, once the turbines start generating power and it starts flowing into the electrical grid, and most likely to drum up some nice positive press after a rough summer of net neutrality backlash. Also, no doubt, they were jealous that Philippe Starck beat them to it, so they decided they needed to one up him, and good. Here’s a bit from their statement about financing the project:

The AWC project is led by independent transmission company Trans-Electand is financed by Google, Good Energies and Marubeni Corporation. We are investing 37.5% of the equity in this initial development stage, with the goal of obtaining all the necessary approvals to finance and begin constructing the line. Although the development stage requires only a small part of the total estimated project budget, it represents a critical stage for the project.

We believe in investing in projects that make good business sense and further the development of renewable energy. We’re willing to take calculated risks on early stage ideas and projects that can have dramatic impacts while offering attractive returns. This willingness to be ahead of the industry and invest in large scale innovative projects is core to our success as a company.

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