GHG Emissions, Commercial, Solar - August 22, 2024
Google Signs Agreement for 1.5 GW of Solar
Tech company Google signed a strategic long-term agreement initially covering 1.5 GWp of solar project development until 2030 and with an option for future expansion.
The agreement was signed with Energix Renewables, which is part of the Energix Group, a global renewable energy company.
According to the agreement, Energix will supply electricity and Renewable Energy Credits (RECs) generated from its solar projects to Google, a tax equity provider to Energix.
The agreement guarantees a market-adjusted price with a downside protection mechanism for energy, competitive REC pricing and tax equity investments for Energix's projects and strengthens Energix's capacity to develop its pipeline of projects in PJM, a regional transmission organization. The parties already signed the first two PPAs under this agreement.
"There is no one-size-fits-all solution when it comes to decarbonizing our electricity grids and no one company can do it on their own. We are proud of our work with Energix Renewables to unlock new clean energy in PJM. This type of collaboration is essential as we continue to progress towards our ambition to run on 24/7 carbon-free energy (CFE) on every grid where we operate every hour of every day," said Amanda Peterson Corio, Global Head of Data Center Energy at Google, in a statement.
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