Tech titans are trading headlines this week, touting massive investments in the future of renewable energy. Google and Intersect Power unveiled a $20 billion plan on Tuesday to co-locate clean generation and energy storage to fuel Google’s data centers- the natural evolution of the BYOP (Bring Your Own Power) edict permeating that space amidst soaring load growth.
On Wednesday, Microsoft volleyed back, announcing it would anchor a $9 billion coalition dedicated to helping corporations support clean energy projects providing community benefits. The Climate and Communities Investment Coalition (CCIC), launched by clean energy investment platform Acadia Infrastructure Capital, aims to facilitate the construction of at least five gigawatts (GW) of renewable energy projects over the next five years.
Collectively, Microsoft and Acadia estimate the coalition’s projects can prevent about 15 billion pounds of carbon from entering the atmosphere per year and generate enough energy to power more than 850,000 homes.
The CCIC is designed to contribute to corporations’ environmental and sustainability goals by supporting clean energy projects. That includes the purchase of environmental attributes, a common tactic for Microsoft and other companies with data center ambitions and clean energy goals, like Meta. Projects enabled by the coalition will be focused on enhancing community benefits through renewable energy investments by its members.
“The CCIC seeks to offer its member corporations the ‘triple win’ of clean energy, improved earnings, and real-world impact,” explained Acadia Infrastructure managing partner Tim Short. “While we are just getting underway, the CCIC already has a record to build on with the recent closing of our first project, in Texas. We envision similar deals spurring billions of dollars in clean energy investment in the coming years.”
Acadia says it has begun recruiting additional corporations to join the CCIC as a platform for mutual learning and collaboration on climate infrastructure. A titan like Microsoft serving as a cornerstone of the CCIC will undoubtedly help Acadia attract others. Microsoft’s involvement in the CCIC is further supported by the Sustain Our Future Foundation, dedicated to transforming sustainable development to maximize equitable community benefits and achieve environmental justice.
Brian O’Callaghan, vice president of Acadia, told Reuters that he believes renewable energy will continue to expand without corporations, but “with corporations, the pace becomes exponential.”
“This initiative demonstrates how corporate actions can crowd-in other sources of capital to support a low-cost, reliable, and secure US energy system,” O’Callaghan added in a statement.
Large corporations play an integral role in driving the United States’ clean energy transition. According to the latest Solar Means Business report from the Solar Energy Industries Association (SEIA), corporate procurement accounts for more than 18% of total U.S. solar capacity, and 20% of all installations in 2023 had a corporate offtaker.
Meta took the top spot on SEIA’s list this year, claiming nearly 5.2 GW of capacity. Amazon was close behind with more than 4.6 GW, followed by Google’s nearly 2.6 GW and Apple’s 1.15 GW. Walmart, Target, Microsoft, Digital Realty, Verizon, and Home Depot round out the top 10.
The big three (Microsoft, Amazon, and Google) are also dabbling in nuclear power to support their data center developments.
