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Amazon unveils its largest-ever renewable energy project

With this wind power deal, it could reach 100% renewable energy by 2025.
The post Amazon unveils its largest-ever renewable energy project appeared first on The Motley Fool Australia. –

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

ASX renewable energy shares represented by wind turbines on a hillside

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Amazon.com Inc (NASDAQ: AMZN)‘s crusade against climate change continues. In its latest move, the e-commerce giant has struck a deal to buy 380 megawatts (MW) of wind energy from Hollandse Kust Noord, a wind farm off the coast of Netherlands that’s being developed by The Crosswind, a consortium between oil major Royal Dutch Shell (NYSE: RDS.B) and Eneco, a Netherlands-based energy company owned by Japan’s Mitsubishi Corp (OTC: MSBHF).

Amazon says this project, called the Amazon-Shell HKN Offshore Wind Project, is also its “largest single-site renewable energy project” yet.

The wind farm is expected to be operational by 2023 with an installed capacity of 759 MW. That means Amazon will buy 50% of its total power starting in 2024 to power its operations in Europe, including 250 MW from Shell and 130 MW from Eneco.

This project takes Amazon one step closer to its goal of becoming a 100% renewable energy company by 2025, five years ahead of its original target announced in late 2019 under its Climate Pledge.

Amazon has made significant investments in renewable energy since. In 2020, it became the largest corporate purchaser of renewable energy, having announced 127 solar and wind energy projects with 6.5 gigawatts (GW) of capacity by Dec. 10, 2020.

With its latest offshore wind project, Amazon’s global wind and solar projects now total 187 with a capacity of 6.9 GW.

Lately, Amazon has been consistently hitting the headlines for its clean energy initiatives. The first of its three wind farms in Ireland came online earlier this month, and the company just ordered more than 1,000 natural-gas engines for its distribution fleet. These moves reflect Amazon’s commitment to becoming net-zero carbon by 2040.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Neha Chamaria has no position in any of the stocks mentioned. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Amazon and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool Australia has recommended Amazon. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Amazon unveils its largest-ever renewable energy project appeared first on The Motley Fool Australia.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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