Back in May, we talked about large companies investing in renewable energy around the globe: Investing in Wind Energy is Gaining Popularity.
Now Google is back in the spotlight, with their blog announcement, “Powering our Finnish data center with Swedish wind energy“. According to the blog post, this will be their fourth long-term agreement for powering a data center with renewable energy (And the first in Europe).
So how does this long-term contract work? Well, first Google will have to wait until 2015, when the wind farm will become fully operational. However, all power required by their Finnish data center will be provided for by the wind energy from a wind farm in northern Sweden for the following 10 years.
Not only is it nice to see large corporations backing a great cause like renewable energy, but their involvement usually helps wind farm developers to get the financing they need. With Google’s contract, the wind farm developer, O2, was able to get the project 100% financed by Allianz, a German insurance company.
All these investments make sense for the world’s environmental well-being, but it also makes a great deal of financial sense, as best put by Google, “… in addition to protecting ourselves against future increases in power prices through long-term purchasing for our operations, we also invest in new renewable energy projects that will deliver a return for our money.”