Google and Citibank are each throwing $55 million to the wind in California. The Mountain-View-based search giant is partnering with Citibank to help finance the Alta Wind Energy Center wind farm in the Tehachapi Mountains. The Kern County wind farm will generate 1.5 gigawatts of electricity, enough to power 450,000 homes through Southern California Edison.
The Alta Wind project is being built in phases. Segments are already generating 720 megawatts of energy and another 300 megawatts goes online by the end of the year. Google and Citibank are buying the fourth phase of the project, known as Alta IV, and will lease it back to developer Terra-Gen to operate over a long-term contract. (Read more Google stories.)