Energix Renewables and Google Ink Strategic Renewable Energy Pact By CIOTechOutlook Team

Energix Renewables and Google Ink Strategic Renewable Energy Pact

CIOTechOutlook Team | Thursday, 22 August 2024, 02:34 IST

Energix Renewables, a top player in the U.S. renewable energy industry and a branch of the Energix Group, a worldwide leader in renewable energy, is excited to announce the establishment of a strategic long-term partnership with Google. Per the agreement, Energix will provide Google with electricity and Renewable Energy Credits (RECs) from its solar projects, initially covering 1.5GWp of development until 2030 with potential for future expansion, as Google acts as a tax equity provider for Energix.

This partnership strengthens Energix's position as a key player in the U.S. renewable energy market, especially in PJM.

The contract ensures that Energix's projects will receive a price that reflects market conditions, along with protection in case of price drops, competitive pricing for Renewable Energy Certificates (RECs), and investments in tax equity. This agreement enhances Energix's ability to grow its project portfolio in PJM, aiding in the implementation of Energix's long-range strategic plan. The first two PPAs have already been signed by the parties under this agreement.

"We are thrilled to embark on this strategic collaboration with Google. This agreement underscores our leadership in the U.S. renewable energy market, enabling us to leverage our unique expertise and resources for unparalleled growth and advancing Google towards its net zero and 24/7 carbon-free energy ambitions. This joint effort with Google not only strengthens our position in the PJM market but also opens up opportunities for future expansion into other power markets, we expect to deliver the 1.5GW in the next 2-3 years. This framework agreement is the latest addition to the company's array of strategic agreements, and along with our global framework agreement with First Solar and collaborations with leading banks worldwide, we are well-positioned to leverage the U.S. market for growth and value-creation for all our stakeholders. I want to thank Google, Morgan Stanley, and all our employees who worked diligently to make this deal happen."