Amazon.com, Inc (AMZN) inks record renewable deals to power operations

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Amazon.com, Inc (AMZN) inks record renewable deals to power operations

Amazon (AMZN) inks record green energy deals to power its operations
Image source: © Alexeynovikov | Megapixl.com

Highlights:

  • Amazon (AMZN) clinched deals to gain higher access to renewable energy.
  • Amazon to purchase 3.5 gigawatts of renewable energy.
  • The retail giant is five years ahead of its goal to power operations with renewables by 2025.

Retail behemoth Amazon.com Inc. (AMZN) has signed deals to purchase 3.5 gigawatts of renewable energy to power its offices, warehouses, and data centers.

The new power deals will cover almost a third of its total power needs. The company said it is ramping up efforts in its pursuit to get all its power from green sources in the coming years.

It is also keen to gain one-upmanship among corporate sharks as the largest buyer of green energy. Today, the drive for green energy has pushed big businesses to go green. Amazon has signed a bevy of power purchase agreements in the last few years.

Green energy deals can help achieve corporate sustainability goals while creating a stable demand for electricity and helping developers earn profits. It is a shot in the arm for green energy developers when towering conglomerates ink deals to buy from them.

Greater demand for renewable energy

Amazon Web Services (AWS) global energy head Nat Sahlstrom said there is ‘higher competition in the marketplace for wind and solar deals.’

AWS data centers majorly contribute to Amazon’s electricity use.

“That sends a strong signal to the market that there’s a need for more renewable energy projects,” Sahlstrom added.

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Amazon (AMZN) inks record green energy deals to power its operations© Alexeynovikov | Megapixl.com

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Amazon’s biggest renewable purchase

According to Bloomberg, Amazon’s latest deals overshadow the 2.3 gigawatts of green power agreements signed in total by global companies in the last three months.

The Amazon deals announced Wednesday include 2.9 gigawatts of solar power. It comprises two projects with a combined 225 megawatts of batteries to store renewable energy.

The retailer’s goal to power operations with renewables by 2025 is five years ahead of a previous target. Amazon was previously considered laggard in its contributions to climate change.

Bottom line:

Amazon also has in the pipeline adding rooftop solar installations at eight of its sites to power operations of its warehouses. These eight sites are scattered across Australia, Canada, India, UAE, and Japan.

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