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Facebook Inks Renewal Energy Supply Agreement For India's Electrical Grid: Reuters

Facebook Inks Renewal Energy Supply Agreement For India's Electrical Grid: Reuters
  • Facebook Inc (NASDAQ: FB) inked an agreement with Mumbai’s CleanMax to supply renewable power into India’s electrical grid from a 32 megawatt south Karnataka wind power project as a part of a larger portfolio of wind and solar projects, Reuters reports.
  • CleanMax will own and operate the projects. Facebook will purchase the power off the grid with environmental attribute certificates or carbon credits.
  • Facebook usually forges long-term electricity purchasing agreements with the renewable power company, which helps the project procure its financing requirements, according to Facebook’s renewal energy head, Urvi Parekh. India is Facebook’s major market based on users.
  • Facebook has announced similar partnerships with Singapore energy providers Sunseap Group, Terrenus Energy, and Sembcorp Industries on projects yielding 160 MW of solar power, said Parekh.
  • The electricity produced from the plants will power Facebook’s debut Asian data center set to start operations in 2022, added Parekh.
  • Facebook consumed around 1% of the global energy based on the International Energy Agency last year.
  • Amazon.Com Inc (NASDAQ: AMZN), Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL), and Microsoft Corp (NASDAQ: MSFT) have also committed to carbon-free operations targeting net-zero emissions following growing demand for data and digital services.
  • Facebook CEO Mark Zuckerberg announced renewal energy support for its global operations leading to net-zero emissions.
  • Price action: FB shares traded higher by 0.95% at $305.69 in the premarket session on the last check Thursday.

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Posted-In: India Renewable energy ReutersNews Tech Media

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