Google to help build East Coast wind farm

google_atlantic_wind_connection.top.jpgGoogle released this map of its Atlantic Coast wind farm project. By Aaron Smith, staff writer


NEW YORK (CNNMoney.com) -- Google is investing in a new wind farm power grid to be located off the East Coast of the United States.

"We just signed an agreement to invest in the development of a backbone transmission project off the Mid-Atlantic coast, that offers a solid financial return while helping to accelerate offshore wind development -- so it's both good business and good for the environment," announced the search engine company in a blog on Monday night.

Google (GOOG, Fortune 500) said the Atlantic Wind Connection will be located at least 10 miles offshore and will stretch 350 miles from New Jersey to Virginia. The wind farm will be capable of producing 6,000 megawatts, enough to power nearly 2 million homes. The wind-generated power will be delivered to the land-based transmission system via subsea cables, the company said.

Google is partnering with Trans-Elect, a transmission company, Good Energies and Marubeni Corp. to build the project. Google said it is putting up 37.5% of the starting money.

Google spokesman Jamie Wood said the seed money will total "tens of millions" of dollars, just to get the approval process underway to begin construction in 2013. At that time, a much larger round of funding will be required to continue paying for the project.

"This is a project that long term is going to be in the billions of dollars, once you look at all the construction costs," he said.

Wood said the first section to be built will be from northern New Jersey to Delaware.

Melinda Pierce, lead lobbyist for the environmentalist organization the Sierra Club, said this "truly audacious plan" is exactly what the Eastern seaboard needs.

"This brings energy development and energy transmission offshore, away from where it's visible, and it's clean," she said.

Pierce said this would be the first project of its kind in the U.S. -- connecting wind farms on a grand scale and delivering the energy to the power grid.

So far, none of Google's partners have responded to inquiries.

Google plans to release its third-quarter earnings results on Thursday. Analysts expect the company to report a 20% surge in revenue, to $5.2 billion, and a 14% jump in earnings, to $6.69 per share. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,677.90 216.58 1.32%
Nasdaq 4,452.79 69.95 1.60%
S&P 500 1,950.82 23.71 1.23%
Treasuries 2.24 -0.03 -1.36%
Data as of 9:00am ET
Company Price Change % Change
Comcast Corp 53.22 1.73 3.36%
Cisco Systems Inc 23.56 0.30 1.31%
Boston Scientific Co... 12.71 0.39 3.17%
Applied Materials In... 20.90 0.40 1.98%
EMC Corp 27.70 0.33 1.21%
Data as of Oct 23

Sections

Regulators are about to reveal the results of an extensive health check of Europe's top 130 banks, indicating which may need a cash infusion. More

Using technology developed for the military and implemented in Iraq, schools have installed alarm systems that detect gunfire. More

Dressing up in crazy costumes, traveling the world, posing for photos -- and getting paid to do it. Here are journal entries from a day in the life of professional "cosplay" character, Linda Le. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.