Google losing its way in its renewable energy quest by investing in a wind farm

If I was a Google investor I would be alarmed by Google’s investment in a wind farm project.The $39 million investment though small is not what I would want a technology company in my portfolio to be using up its cash  for.While its venture capital investments in start up companies like eSolar,Nanosolar and some others might make sense , providing project finance does not . I don’t think Google wants to be a wind farm operator like Iberdola Renovalbes or other green electricity operators than why is it investing time and money in this space.

Google invests $38.8 million in two wind farms – Reuters

Internet search giant Google Inc has invested $38.8 million in two wind farms in North Dakota that generate enough energy to power more than 55,000 homes.

The investment in the wind farms, developed by NextEra Energy Resources, is Google’s first direct investment in a utility-scale renewable energy project.

Google has so far invested in early-stage green start-ups such as solar thermal companies BrightSource Energy and eSolar.

“Through this $38.8 million investment, we’re aiming to accelerate the deployment of renewable energy in a way that makes good business sense, too,” Rick Needham, Google’s green business operations manager, wrote in a blogpost on Monday.

Google has pushed ahead in addressing climate change issues as a philanthropic effort through its Google.org arm.

The often-quirky company said in late 2007 that it would invest in companies and do research of its own to produce affordable renewable energy — at a price less than burning coal — within a few years.

Separately, NextEra Energy, a subsidiary of Florida utility FPL Group Inc, said on Monday that it has sold about $190 million of Class B membership interests in Peace Garden Wind, windfarms that produce 169.5 megawatts of power in North Dakota.

NextEra Energy is the largest owner of wind farms in the United States with more than 7,500 megawatts of installed wind capacity, according to the American Wind Energy Association