Amazon.com Inc. (NASDAQ: AMZN) has announced investments in nine new renewable energy projects across five countries.
What Happened: The Seattle-headquartered company’s investments in North America encompass a 100 MW solar project in The Valley of the Kings, California, that will generate enough energy to power more than 28,000 homes a year, including 70 MW of storage; a 118 MW wind power project in Murray County, Oklahoma, the company’s first investment in that state; and new solar projects in three Ohio counties that will generate more than 400 MW of electricity.
In Europe, Amazon is investing in the U.K.’s largest corporate renewable energy project, a 350 MW wind farm off the coast of Scotland. The company is also investing in two solar projects in Spain that add more than 170 MW to the nation’s grid and a 258 MW onshore wind project in northern Sweden.
The company did not disclose the financial aspects of its new investments.
Why It Matters: In announcing the new projects, Amazon stated it now has investments in 206 renewable energy projects worldwide with a total generating capacity of 8.5 GW. The investments include 71 utility-scale wind and solar projects and 135 solar roof projects on commercial properties.
“Many of our businesses are already operating using renewable energy, which we expect to use to power all Amazon sectors by 2025 — five years ahead of the original 2030 target,” said company founder and CEO Jeff Bezos in a press statement.
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