Clean Energy & Sustainability

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I think it’s important for us to have a sustainable business and I think that’s very achievable.
Larry Page CEO, Google Inc.


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Google’s approach

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Building an efficient clean energy future.

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Renewable Energy Investments

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How much has Google invested so far?

Goals • Financial returns • Innovation • Large scale impact • Encourage other companies

$915M+ Portfolio
• 1.8 GW of projects • 350,000 homes

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What renewable investments has Google made?

$94M Recurrent Energy solar PV

$168M $355M BrightSource Ivanpah Clean Power Finance & solar power tower Solar City (rooftop solar)

$5M German Solar PV plant

$157M Alta Wind Projects IV & V

$39M Peace Garden Wind farms (ND)

$100M Shepherds Flat Wind Farm

Atlantic Wind Connection (offshore transmission backbone)
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Why is Google here at the Clean Energy Forum?
• Google is expanding its renewable investment efforts outside of U.S. borders • Optimistic about the growth potential in Asia • 15 offices and thousands of employees in the region • Economic growth and growing demand for energy helps set the stage for attractive investment opportunities

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What lessons does the U.S. solar energy market have to offer?
• Deal structuring can be a powerful tool to mitigate risks and attract investors • Many small power purchasers (e.g., homeowners) can make up a low risk investment • Aggregating lots of small systems can bring capacity online faster than utility scale systems can be completed • Renewable energy customers show a strong preference to paying over time instead of up front • Distributed solar can alleviate areas where the electricity grid is facing constraints

• Consistent and reliable policy support are critical for helping the renewable industry grow
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What’s an example of an innovative deal structure?
US$280 million investment in residential PV systems
Residential Customers

Deal Summary Customer • Renewable energy while saving money from Day 1

Energy production

Origination Installation O&M Admin / billing

Monthly energy payments

SolarCity • Capital to expand their business

Monthly lease payments System cost

Google • • • Owner of PV system Predictable lease payments SolarCity in “first loss” position

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What are renewable investors considering in their assessments of the opportunity to invest in Asia?
• Fundamentals
• Economic growth

• Electricity supply and demand
• Cost of supply compared to alternatives

• Stability
• Regulatory support
• Political stability

• Sustainability and fairness
• Win-win projects
• Transparency

• Partners
• Strong track records and outlook • Alignment of vision and goals
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• Tremendous growth potential for solar energy in Asia
• Grid parity • Energy access

• Distributed solar could be larger (faster) than centralized, utility scale solar • Building on learnings in other markets could accelerate the growth of solar in Asia

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Thank You

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