Google buys 10 years of renewable energy in deal with Nordic wind farm developer O2 and German insurance company Allianz.
Stockholm, June 4, 2013 Google and O2, a leading Nordic wind farm developer and operator, today announced that Google will buy the entire electricity output of a new wind farm, to be built at Maevaara, in Övertorneå and Pajala municipality in northen Sweden, for the next ten years.
This power purchase agreement (PPA) will enable Google, which is already a carbon neutral company, to run its Hamina, Finland data center using renewable energy. Thanks to the new power purchase agreement with Google, O2 has secured 100% financing for the construction of the new wind farm from German insurance company Allianz. The 24 turbine project, with a capacity of 72 MW, already has all relevant planning approvals and permits, and construction will start in the coming months.
“This long term agreement, our forth globally, means we can power our Finnish data center with clean energy” Urs Hoelzle, Senior VicePresident of Technical Infrastructure at Google
When the wind farm becomes fully operational in early 2015, Allianz will assume ownership of the wind farm. O2 will continue its involvement in Maevaara through a separate agreement to commercially and technically manage the wind farm.
The agreement takes advantage of Europe’s increasingly integrated electricity market, in particular Scandinavia’s shared electricity market and grid system, Nord Pool. This enables Google to buy the wind farm’s electricity output in Sweden and consume the same amount of power, with Guarantee of Origin status, at its data center in Finland.
”As a carbon neutral company, we’re always looking for ways to increase the amount of renewable energy we use”, said Urs Hoelzle, Senior VicePresident of Technical Infrastructure at Google. ”This long term agreement, our forth globally, means we can power our Finnish data center with clean energy and add new wind generation capacity to the European grid.”
” Google’s decision to purchase the full output of the Maevaara wind farm for its Finnish data center was a key element in our decision to invest in the project”, said David Jones, Head of Renewable Energy at Allianz Capital Partners. “Maevaara is our first renewable energy investment in Sweden, and the Power Purchase Agreement implemented for this project offers an interesting model for further wind farm development in this market.”
“We’re delighted to be able to build yet another onshore wind farm, this time for Allianz and Google,” said Johan Ihrfelt, CEO of O2. “We’ll be using the latest generation 3 MW turbines to ensure we get the maximum efficiency out of Maevaara’s great wind conditions.”
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google’s innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world. For more information, visit www.google.com/about.html.
About Allianz Capital Partners
Allianz Capital Partners is the Allianz Group’s inhouse investment platform for alternative investments, with an investment volume of around 8.7 billion euros. Allianz Capital Partners has offices in Munich, London, New York and Singapore. Allianz Capital Partners focuses on (i) direct investments in companies, projects or assets offering longterm, predictable and preferably inflationprotected cash flows, (ii) renewable energy assets such as wind farms and solar park systems and (iii) indirect investments in private equity funds. Thanks in particular to their long investment horizon and attractive risk/return profile, the asset classes covered by Allianz Capital Partners are an ideal match for the requirements of the Allianz insurance companies, with their longterm liabilities. For more information, visit www.allianzcapitalpartners.com
O2 is a leader in largescale onshore wind power in the Nordic region. The company develops, builds, finances and manages wind power plants. Together with its partners and investors, O2 continuously drives the development towards a sustainable future. The main office is located in Stockholm, Sweden. For more information, visit www.ox2.com
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