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On Tuesday, Alphabet Inc’s (NASDAQ:GOOG) Google signed a strategic long-term agreement with Energix Renewables.
Under the agreement, Energix will develop 1.5GWp of solar projects by 2030, with the possibility of future expansion.
Energix will supply electricity and Renewable Energy Credits (RECs) from these projects to Google, which is also its’ tax equity provider.
This partnership enhances Energix’s leadership in the U.S. renewable energy sector, especially within PJM. The parties have already signed the first two PPAs under this agreement.
The agreement ensures a market-adjusted energy price with downside protection, competitive REC pricing, and tax equity investments for Energix’s projects.
Asa (Asi) Levinger, CEO of the Energix Group, said, “This joint effort with Google not only strengthens our position in the PJM market but also opens up opportunities for future expansion into other power markets, we expect to deliver the 1.5GW in the next 2-3 years.”
Also Read: Google Heats Up Green Goals: Geothermal Deal Powers Nevada Data Centers
Amanda Peterson Corio, Global Head of Data Center Energy, Google added, “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.”
In June, Google purchased a stake in a Taiwanese solar power company. The deal involves New Green Power, a firm owned by BlackRock, Inc. (NYSE:BLK), and could see Google procure up to 300 megawatts of renewable energy.
In August 2023, Google planned to license new sets of mapping data to companies to help build products around renewable energy and targets a revenue of up to $100 million in its first year.
Investors can gain exposure to the GOOGL stock via IShares Global Comm Services ETF (NYSE:IXP) and Communication Services Select Sector SPDR Fund (NYSE:XLC).
Price Action: GOOG shares are down 0.95% at $167.35 premarket at the last check on Wednesday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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