Once again Google (NASDAQ:GOOG) has found to be very supportive to a noble cause. The search engine superpower has announced its another significant investment to help the renewable energy industry grow to a larger scale. Although the company didn’t reveal much about its future plans, the spokesperson of the company has finally made the news of the $75 million investment in a Texas wind firm official. One of the company’s representatives made a post about the investment on the company’s blog.
Google Inc. is a technology company and can’t have a direct link with the operations of renewable energy providers. However, according to a few sources, the increasing power consumption by its data centers has been one of the major reasons for its recent movements.
The power Google uses to fuel its operations is produced mainly through the non renewable energy sources like coal and gas. The company firmly believes preserving these valuable resources will not be possible if the society continues its dependency on them. There has to be other sources that can replace the non renewable resources and reduce the dependency. This is why Google has always been found to encourage the concept of renewable energy. As Google aims to operate based on 100 percent renewable energy, it didn’t let any scope for growth of the alternative energy industry go out of its hand.
The company has finally revealed the news of its second Texas wind power facility acquisition, which is actually its 15th renewable energy project in total. The official announcement of the acquisition definitely makes the company one of the biggest players in the clean energy projects. The $75 million investment will go to the Panhandle 2 wind farm situated in the Carson County, outskirts of Amarillo, Texas.
Google’s constant effort to change the world’s use of electricity and fossil fuel also includes a $200 million investment in a Texas wind farm. The company also funded a solar project in California earlier. As per the official record, the company has an ownership stake in over 2 gigawatts of power production capacity so far. The latest acquisition of Google definitely makes it a dominant player in the industry.
Although Google has not made everything clear about the acquisition, the declaration of the agreement definitely takes its brand image to the top. According to the agreement finalized between the two parties, the new facility of the Pattern Energy Group LP should have enough capacity to produce and supply power to 56,000 homes.
Texas has a very windy atmosphere. This is the reason the developers find this city an ideal place for the production of wind power. Google also believes the demand of renewable energy is going to increase as the world recognizes the critical impact the production facilities create during the conventional power production process. Even the fact that the reserves of fossil fuels are going to end one day also increase the popularity of the alternative energy. Google sees it as a huge future investment. According to the experts, if the company enters into a power purchase agreement, it won’t use the renewable energy produced by the company. Instead, it will buy it from the company and sell in the wholesale market.