RENEWABLE ENERGY

Facebook signs renewable energy deal in India; says it has reached net zero

Facebook has signed a deal to buy renewable energy in India from a local firm’s wind power project, the social media giant’s first such deal in the South Asian nation, the companies said on Thursday.

Facebook also said that as of 2020, the company’s global operations were supported wholly by renewable energy and that it has reached net-zero emissions.

The 32 megawatt wind power project, located in southern Karnataka state, is part of a larger portfolio of wind and solar projects that Facebook and Mumbai-based CleanMax are working on together to supply renewable power into India’s electrical grid, they said in a joint statement.

CleanMax will own and operate the projects, while Facebook will buy the power off the grid using environmental attribute certificates, or carbon credits, the companies said. About half of the project’s capacity has recently been commissioned and is already generating power, they added.

Facebook’s head of renewable energy, Urvi Parekh said the company typically doesn’t own the power plants but instead signs “long-term” electricity purchasing agreements with the renewable power company.

“That enables the project to seek out the financing that it would need,” she said.

Source
ET News
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