Technology giant, Microsoft has signed the company’s single largest renewable energy portfolio purchase deal to create more than 500 megawatts (MW) of solar projects in the United States.
This deal creates the first community investment fund and Microsoft’s single largest renewable energy portfolio energy purchase agreement. As part of the deal, the company will also work with local leaders in nearby communities and those disproportionately impacted by climate change.
“We recognize that climate and environmental issues don’t impact every community the same way and we need to address environmental equity as a broader issue,” said Lucas Joppa, Chief Environmental Officer, Microsoft.
“Our work with Sol Systems is a first-of-its-kind initiative tying the purchasing of renewable energy to environmental justice and equity in under-resourced communities. What makes this partnership unique is that we will be working with local leaders, prioritizing minority and women-owned businesses and making community-lead grants and investments.”
As per the agreement, Sol Systems, the national solar energy finance and development firm will finance, develop and operate the solar projects and then sell the electricity generated to Microsoft.
In addition, Sol Systems and Microsoft will invest at least $50 million for community-led grants and investments that support educational programs, job and career training, habitat restoration, and programs that support access to clean energy and energy efficiency.
“This marks a groundbreaking commitment by Microsoft, Sol Systems, and our employees to invest in our communities and drive economic recovery,” said Sol Systems CEO and co-founder, Yuri Horwitz.
“This is a unique approach to couple clean energy with community development and investment,” he added.
