Microsoft Signs Mega Green-Energy Deals in Singapo
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Posted On: 09/04/2024 5:12:12 PM
Microsoft Signs Mega Green-Energy Deals in Singapore, India
American technology giant Microsoft has signed a major renewable energy deal that will see it buy energy from the largest solar project in Singapore’s history. The tech company signed green-energy contracts with EDP Renewables in Singapore and India’s RenNew Power worth 637.6MW as part of its efforts to advance renewable-energy adoption.
RenNew Power signed a renewable-energy sale agreement for 437.6MW, one of the independent power producers’ (IPP) largest-ever corporate green-energy contracts, while Microsoft’s deal with EDP Renewables will allow it to purchase 100% of the solar energy generated in Singapore’s largest solar project. With Microsoft consuming copious amounts of energy to power its cloud and artificial-intelligence pursuits, the tech company is keen on becoming a carbon-negative organization by 2030.
Unfortunately, Microsoft has run into several challenges as it endeavors to eliminate fossil fuels from its energy mix, such as a 30% jump in greenhouse-gas emissions from 2020 to 2023. Despite these roadblocks, Microsoft is still working to achieve its carbon-neutrality goals. For instance, the contract with Singapore’s EDP renewables will allow it to purchase energy generated from solar panels on hundreds of government-owned and public buildings.
The 20-year off-take contract grants Microsoft purchase rights to 100% of the energy SolarNova 8, a project by EDP Renewables, feeds into the energy grid and is the second agreement between Microsoft and EDP Renewables in Singapore. The SolarNova 8 project is the largest solar initiative under the Singaporean government’s SolarNova program and the largest solar initiative in the country.
The Singapore Housing Development Board (HDB) and the Economic Development Board (EDB) jointly launched the SolarNova Program in 2014 to help speed up the deployment of green-energy infrastructure, specifically solar-energy systems, in Singapore. EDP Renewables CEO Miguel Stilwell D’Andrade noted that the company is strengthening its global partnerships with tech giant Microsoft through the massive solar-energy project and advancing towards achieving the country’s sustainability goals.
D’Andrade also said that the Microsoft contract would act as a catalyst and speed up the energy transition as well as encourage future investment in Singapore. While the green-energy contracts represent a major milestone for Asian companies, Microsoft will need to team up with a lot more green-energy producers to clean up its energy use, especially since it regularly consumes enough energy to power several countries.
Its generative artificial-intelligence wing already consumes significant amounts of energy, and its pier consumption will only increase over time as Microsoft has made significant investments in AI research in recent years and will most likely pour even more money into AI. This could be the reason why Microsoft emissions increased by 30% in 2023 compared to 2020 and has contributed to Microsoft intensifying its efforts to adopt renewable energy.
The efforts of large corporations such as Microsoft to shift to sustainable forms of energy are likely to boost the demand for the green-energy metals focused on by companies such as First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) since manufacturers of solar panels and other green-energy systems will need increasing amounts of these critical metals.
NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
American technology giant Microsoft has signed a major renewable energy deal that will see it buy energy from the largest solar project in Singapore’s history. The tech company signed green-energy contracts with EDP Renewables in Singapore and India’s RenNew Power worth 637.6MW as part of its efforts to advance renewable-energy adoption.
RenNew Power signed a renewable-energy sale agreement for 437.6MW, one of the independent power producers’ (IPP) largest-ever corporate green-energy contracts, while Microsoft’s deal with EDP Renewables will allow it to purchase 100% of the solar energy generated in Singapore’s largest solar project. With Microsoft consuming copious amounts of energy to power its cloud and artificial-intelligence pursuits, the tech company is keen on becoming a carbon-negative organization by 2030.
Unfortunately, Microsoft has run into several challenges as it endeavors to eliminate fossil fuels from its energy mix, such as a 30% jump in greenhouse-gas emissions from 2020 to 2023. Despite these roadblocks, Microsoft is still working to achieve its carbon-neutrality goals. For instance, the contract with Singapore’s EDP renewables will allow it to purchase energy generated from solar panels on hundreds of government-owned and public buildings.
The 20-year off-take contract grants Microsoft purchase rights to 100% of the energy SolarNova 8, a project by EDP Renewables, feeds into the energy grid and is the second agreement between Microsoft and EDP Renewables in Singapore. The SolarNova 8 project is the largest solar initiative under the Singaporean government’s SolarNova program and the largest solar initiative in the country.
The Singapore Housing Development Board (HDB) and the Economic Development Board (EDB) jointly launched the SolarNova Program in 2014 to help speed up the deployment of green-energy infrastructure, specifically solar-energy systems, in Singapore. EDP Renewables CEO Miguel Stilwell D’Andrade noted that the company is strengthening its global partnerships with tech giant Microsoft through the massive solar-energy project and advancing towards achieving the country’s sustainability goals.
D’Andrade also said that the Microsoft contract would act as a catalyst and speed up the energy transition as well as encourage future investment in Singapore. While the green-energy contracts represent a major milestone for Asian companies, Microsoft will need to team up with a lot more green-energy producers to clean up its energy use, especially since it regularly consumes enough energy to power several countries.
Its generative artificial-intelligence wing already consumes significant amounts of energy, and its pier consumption will only increase over time as Microsoft has made significant investments in AI research in recent years and will most likely pour even more money into AI. This could be the reason why Microsoft emissions increased by 30% in 2023 compared to 2020 and has contributed to Microsoft intensifying its efforts to adopt renewable energy.
The efforts of large corporations such as Microsoft to shift to sustainable forms of energy are likely to boost the demand for the green-energy metals focused on by companies such as First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) since manufacturers of solar panels and other green-energy systems will need increasing amounts of these critical metals.
NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
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