Energix Renewables has signed a strategic long-term agreement with Google, initially covering 1.5 GW of solar project development until 2030 and with an option for future expansion.
Energix will supply electricity and RECs generated from its solar projects to Google, a tax equity provider to Energix.
The agreement guarantees a market-adjusted price with a downside protection mechanism for energy, competitive REC pricing and tax equity investments for Energix’s projects, says the company.
The parties have signed the first two PPAs under this agreement.
“This agreement underscores our leadership in the U.S. renewable energy market, enabling us to leverage our unique expertise and resources for unparalleled growth and advancing Google towards its net zero and 24-seven carbon-free energy ambitions,” says Asa Levinger, CEO of the Energix Group.
“This joint effort with Google not only strengthens our position in the PJM market but also opens up opportunities for future expansion into other power markets, we expect to deliver the 1.5 GW in the next two to three years. This framework agreement is the latest addition to the company’s array of strategic agreements, and along with our global framework agreement with First Solar and collaborations with leading banks worldwide, we are well-positioned to leverage the U.S. market for growth and value-creation for all our stakeholders. I want to thank Google, Morgan Stanley and all our employees who worked diligently to make this deal happen.”
Morgan Stanley acted as sole financial advisor to Energix during the negotiations with Google.
