Facebook signs deal with CleanMax to source renewable energy
Facebook has signed a deal with Warburg Pincus-backed CleanMax to source renewable energy. The deal is part of the environmental sustainability efforts of the US-based technology firm.
The collaboration includes a 32-megawatt wind power project located in Karnataka and is part of a larger portfolio of wind and solar projects that the two companies are together working on to supply renewable power into India’s electrical grid, a joint statement said. This will be followed in other states where the tech major is operational. About half of the project capacity has been commissioned and is already generating power.
CleanMax will operate the projects, while Facebook will buy power off the grid using environmental attribute certificates.
Facebook’s head of renewable energy, Urvi Parekh, told Reuters that the company does not own the power plants but signs long-term power purchase agreements with the renewable energy companies. This helps the projects secure requisite financing. “This partnership with CleanMax will enable new solar and wind power to be generated in the near future, contributing to the decarbonisation of Indian electrical grid,” Parekh said in a statement.