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Big technology companies have spent several months this year promoting their investments in nuclear energy. Now the tide is turning to renewable energy sources.
Google announced Tuesday that it will finance $20 billion worth of renewable energy projects across the United States. On Wednesday, it was Microsoft’s turn to help launch the Climate and Communities Investment Alliance with Acadia Infrastructure Capital.
The coalition, organized by Acadia, seeks to invest $9 billion to build the equivalent of 5 gigawatts of renewable energy, enough to power nearly a million homes.
“Renewable energy… will continue to expand without companies. “With enterprises, the pace becomes exponential,” Brian O’Callaghan, vice president at Acadia, said. He said Reuters.
Microsoft has already used the alliance to invest in a 210 MW solar farm in Texas with additional support from the United States. Sustainable Our Future Foundationa non-profit organization that uses grants to help communities benefit from renewable energy development. Climate technology investors have been exploring the use of so-called catalytic capital, which can help spur additional private investment in technologies or areas that might otherwise be overlooked.
Contrary to Google’s announcement, Microsoft has not linked these renewable energy projects to any specific existing or planned data centers. Renewable energy credits, or RECs, will likely flow into Microsoft’s public coffers, just like renewable energy credits from other renewable energy developments the company has backed.
Acadia expects to build the projects over five years.
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