Amazon Inc (NASDAQ:AMZN) has just secured its spot as the biggest corporate buyer of renewable energy in the world by agreeing to purchase power from 14 wind and solar farms in both North America and Europe. With this move, Jeff Bezos’ e-commerce colossus reaches a total of 10 gigawatts of green power capacity, adding up to 232 projects around the world.
Amazon, the world’s biggest corporate buyer of green power
The company is pushing to cover its energy operational requirements by 2025, as this latest set of green energy deals will account for a total capacity of 1.5 gigawatts. According to Bloomberg, this electricity gives Amazon enough power to run its offices, warehouses, and data centers, and cover the energy used by Echo devices.
“We’re driving hard to fulfill The Climate Pledge —our commitment to reach net-zero carbon by 2040, 10 years ahead of the Paris Agreement,” said founder and CEO Jeff Bezos in a statement.
Dear Friends of the Fund, Please find enclosed our Q2 2022 investor letter for your review. Qualivian reached its four-year mark in December of 2021. We are actively weighing investment proposals. Please refer to our Q2 2022 investor letter for our performance and commentary on the second quarter of 2022. A fact sheet is
Bloomberg informs that, in the U.S. alone, Amazon will buy power from renewable projects in Arkansas, Mississippi, and Pennsylvania, and will also purchase electricity from a solar park in Alberta, Canada, which with its massive 375-megawatt capacity will be the largest in the country in 2022 when it starts operations.
With the acquisition in Canada alone, Amazon will edge its capacity in the country to more than 1 million megawatts, which should be enough to power more than 100,000 Canadian homes.
Other Big Techs also on the hunt
In Europe, the company has locked deals for 52 megawatts in Finland, and 152 megawatts from a solar installation in Spain, where Amazon also announced last April two new solar projects located in Badajoz and Seville. Together, they will add more than 170 megawatts to Amazon’s logistics network and the next Amazon Web Services (AWS) in Europe.
Amazon did not reveal any specific terms of such deals after making the announcement on Wednesday, but experts believe that the company will secure from its generators a fixed price for green power during a good number of years. This will spare Amazon any worries of having to renegotiate its energy supply.
Amazon is not the only Big Tech with a sore interest in buying renewables. According to the Wall Street Journal, Google ––Alphabet Inc Class A (NASDAQ:GOOGL)–– Facebook Inc (NASDAQ:FB), and Microsoft Corporation (NASDAQ:MSFT) are four of the top six corporate buyers of publicly disclosed green energy. This represents 30% or 25.7 gigawatts of the cumulative total from companies around the world.
Amazon, Google, and Facebook, are part of the Entrepreneur Index, which tracks 60 of the largest publicly traded companies managed by their founders or their founders’ families.