Big tech companies have been touting investments in nuclear power for months this year. Now the trend is shifting to renewable energy.
Google announced Tuesday that it is funding $20 billion worth of renewable power projects across the United States. On Wednesday, Microsoft helped launch the Climate and Community Investment Coalition with Acadia Infrastructure Capital.
The coalition, organized by Acadia, plans to invest $9 billion to build 5 gigawatts of renewable power, enough to power about 1 million homes.
“Renewable energy… It will continue to expand even without companies. For enterprises, the speed increases exponentially,” Brian O’Callaghan, executive vice president at Acadia, told Reuters.
Microsoft has already invested in a 210-megawatt solar farm in Texas through the coalition, with additional support from the Sustain Our Future Foundation, a nonprofit that uses grants to help communities benefit from renewable energy development. I received it. Climate technology investors have been exploring the use of so-called catalytic capital, which can help spur additional private investment in technologies or regions that may otherwise be overlooked.
Contrary to Google’s announcement, Microsoft did not tie these renewable power projects to any specific current or planned data centers. Renewable Energy Credits (RECs) will likely flow into Microsoft’s general coffers, as will RECs from other renewable energy developments the company has supported.
Acadia expects to build the project over five years.
