), the world's most popular Internet search engine provider, has
announced an agreement with Swedish wind farm developer O2 to
power its massive data center in Finland.
The company stated that the wind project is a 72-megawatt
facility and will be built by O2. The project will be
funded by theGerman insurance company Allianzand is expected to
be completed by early 2015.
Per the agreement, Google will buy the entire electricity
output from a wind farm in Sweden for 10 years. The wind energy
will be transferred to the electric grid, which will power
Google's data center in Finland.
For quite some time, Google has been interested in clean
technology rather than using fossil fuels. Since 2010, the
company has made 10 other investments in renewable-energy
projects. Last week, the company announced an investment of $12
million in a 96 MW solar-power project, the Jasper Power Project,
in South Africa. The project would deliver clean energy
equivalent to power roughly 30,000 homes in South Africa.
Currently, over 30% of Google's operations use renewable
energy to power data centers. The company has already completed
three large-scale Power Purchase Agreements (PPAs) to buy
renewable energy in the United States. Per the first
agreement,114 MW of wind generation will be sourced from
NextEra's Story County II facility in Iowa.
Per the second agreement,100.8 MW of wind generation will be
procured from Minco II facility in Oklahoma while the third calls
for 72 MW of output from a wind farm under construction in
Northern Sweden.This is Google's fourth power purchase agreement
(PPA) and the first in Europe.
Google's continuous efforts have prompted many technology
companies to increase the use of clean energy to power their data
centers. Last year,
) bought 200 acres of property in Catawba County for $3 million
in an effort to run its North Carolina data center using
) also unveiled its efforts to use clean and cheap energy to
power its data centers.
The increased use of renewable energy by Google and other
cloud computing providers is also expected to help to reduce
global warming and fossil fuel consumption.
In the first quarter of fiscal 2013, Google's gross revenue
(including TAC) touched a record $14.4 billion, representing
sequential and year-over-year increases of 2.3% and 36.2%,
respectively. Excluding the $1.5 billion contribution from
Motorola, revenues were up 21.9% from the year-ago quarter.
Google has a Zacks Rank #3 (Hold). Another technology stock
that is worth considering is
), which carries a Zacks Rank #2 (Buy).
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