Google Inc. (GOOGL) recently announced that it will purchase the total output of an 18-turbine, 62-megawatt Dutch wind energy project in the Netherlands to supply power to a major data center it is constructing in the country.
Google wants to power its operations with 100% renewable energy. Currently, renewables account for 35% of the power it consumes. The Internet giant has invested over $1.5 billion in wind, solar and other clean energy projects. These ventures have the ability to generate over 2.5 GW (enough electricity to power half a million U.S. homes a year).
Company officials mentioned that Google wants price certainty. It wants to make sure that its 600 million euro ($750 million) data center due to be completed in 2017, will be powered by renewable energy from the very beginning.
The wind project is an onshore-offshore project comprising 18 wind turbines. The construction of the 62MW wind farm is said to provide employment to 80 people over the next 18 months. The facility is anticipated to be entirely ready by the first half of 2016.
Google did not reveal the terms but mentioned that it has signed a 10-year contract.
In the past two years, Google has struck similar deals in Finland and Sweden.
Other Stocks That Warrant a Look
Google currently has a Zacks Rank #4 (Sell). Better-ranked stocks in this industry include Mercadolibre, Inc. (MELI), World Energy Solutions, Inc. (XWES) and Baidu Inc. (BIDU). While Mercadolibre sports a Zacks Rank #1 (Strong Buy), both Baidu and World Energy Solutions carry a Zacks Rank #2 (Buy).
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