This is Microsoft’s second clean energy deal in Asia announced in the last week.
On Tuesday (March 6), the company revealed that it had completed its first renewable energy deal in the Karnataka state of India whereby Microsoft will purchase three megawatts of solar-powered electricity from Atria Power to maintain power in its Bangalore office, which will meet 80 percent of its electricity needs at the facility.
This deal marks the company’s first solar power agreement in India, and its second one in Asia announced in the last week. Once completed, the project will bring Microsoft’s total global renewable energy acquisitions to roughly 900 megawatts, the release said.
“By purchasing local solar power to meet some of our local electricity needs, we’re not only meeting our goals but also supporting the growth of local clean energy industries. This growth leads to more clean electricity capacity, which will help India meet its targets for the Paris Agreement, reduce carbon emissions and provide clean electricity to its growing population,” Rob Bernard, chief environmental strategist at Microsoft said in the release.
According to the statement, this deal falls in line with the Indian government’s goal of increasing solar power generation to 100 gigawatts over the next four years as part of the country’s efforts to combat climate change.
Following Tuesday’s announcement, shares of Microsoft have increased slightly by 0.84 percent to close at $94.43 on Thursday (March 8). Since announcing its deal in Singapore on March 1, Microsoft shares have moved up slightly by 0.39 percent.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.