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Norsk Vind: Google to invests in Norwegian renewable energy

  • Sector: Energy
  • Date: June 30, 2016

  • Company: Norsk Vind is Norway's largest private wind power company, that contributes to the electrification of industry, household, and transport.

Google, BlackRock, Zephyr and Norsk Vind Energi today announced that Google will purchase the whole electric power production of a new wind farm to be built south of Stavanger, for a period of 12 years. The new power purchase agreement is Google’s first in Norway, and the 17th global agreement for the purchase of renewable energy for its data centres.

The agreement will provide Google’s European data centres with supplementary renewable energy. This cross-border agreement is made possible by Europe’s gradually more integrated power market – and in particular, Scandinavia’s Nord Pool market– which provides Google with the opportunity to purchase renewable energy whose origin is guaranteed to be in Norway, and consume corresponding amounts of power at other locations in Europe. Zephyr and Norsk Vind Energi, two of Norway’s leading wind farm developers and operators, will now start work on the new wind power farm. The 50-turbine project, with a total capacity of 160MW, has already received all relevant planning approvals and permits. When it is completed towards the end of 2017, it will be the biggest operational wind power farm in Norway.

Funds managed by BlackRock, the world’s biggest asset manager, and leading investors in renewable energy, managing renewable assets valued at more than USD 2.5 billion, are financing the project. SunEdison was an integral part of the development and the structuring of the financing of the project. Google has been carbon neutral since 2007, and we are committed to supplying 100% of our operations with sources of renewable energy. The current agreement, which is Google’s first wind power agreement in Norway and the biggest to date in Europe, is an important step towards attaining this commitment”, says Marc Oman, Manager of European Energy in Google Global Infrastructure.

“We are very happy to be able to collaborate with Google, Zephyr and Norsk Vind Energi in the completion of this transactional milestone in Norway. This project is proof of BlackRock’s continuous focus on investments in renewable energy, where the company has invested in more than 75 renewable projects across USA, Canada, Ireland, Sweden, France and the UK in recent years”, says Rory O’Connor, Managing Director and Head of renewable energy in Europa with BlackRock.

“This transaction shows that global players like Google and BlackRock think Norwegian wind farms are attractive, and that Norwegian wind power is part of the international efforts to reduce the carbon footprint. Zephyr and Norsk Vind Energi are proud of our success in developing what will be Norway’s biggest wind farm when it is commissioned in 2017, says Olav Rommetveit of Zephyr.