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 16,974.31 -31.44 -0.18%
Nasdaq 4,549.23 -15.07 -0.33%
S&P 500 1,982.30 -2.75 -0.14%
Treasuries 2.29 -0.04 -1.55%
Data as of 9:14am ET
Company Price Change % Change
Dow Chemical Co 47.38 -0.60 -1.25%
Regions Financial Co... 9.76 0.00 0.00%
Comcast Corp 54.90 0.17 0.31%
AbbVie Inc 59.98 -0.95 -1.56%
Wells Fargo & Co 52.17 0.39 0.75%
Data as of Oct 29

Sections

Apple CEO Tim Cook writes column in which he announces that he's gay: "I consider being gay among the greatest gifts God has given me." More

Marc Andreessen says venture capital funding is likely to increase as tech startups touch more sectors. More

In cities across the United States, millions of people will be kicked out of their homes this year. Some can't afford their soaring rent, others are getting evicted over minor violations by landlords eager to get higher paying tenants in place. More

Most stock quote data provided by BATS. Market indices 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.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.