Google buys 12 years’ of renewable energy in deal with BlackRock, Zephyr and Norsk Vind

Energi to power its European data centers with renewable energy

Oslo, June 30, 2016 - Google, BlackRock, Zephyr and Norsk Vind Energi, today announced

that Google will buy the entire electricity output of a new wind farm, to be built south of

Stavanger, Norway, for a period of 12 years. The new power purchase agreement (PPA) is

Google’s first in Norway, and the 17th agreement globally to procure renewable energy for its

data centers.

The deal will provide Google’s European data centers with additional renewable energy. This

cross-border arrangement is possible thanks to Europe’s increasingly integrated energy

market - and in particular, Scandinavia’s Nord Pool market - which allows Google to buy

renewable energy with Guarantee of Origin certification in Norway, and consume an

equivalent amount of power elsewhere in Europe.

Zephyr and Norsk Vind Energi, two leading Norwegian wind farm developers and operators,

will now commence construction of the new wind farm. The 50-turbine project, with a total

combined capacity of 160 MW, has already received all of the relevant planning approvals

and permits. Once completed it will be the largest wind farm ever built in Norway. The wind

farm is expected to be fully operational in late 2017.

Funds managed by BlackRock, the world’s largest investment management firm and a

leading investor in renewable energy with over $2.5 billion of renewable equity assets under

management, is providing equity financing for the project. SunEdison was an integral part of

the development and structure of the financing of the project.

“Google has been carbon-neutral since 2007 and we are committed to powering 100% of our

operations with renewable energy sources. Today's announcement, Google’s first wind

power deal in Norway and the largest to date in Europe, is an important step towards that

commitment,” says Marc Oman, EU Energy Lead, Google Global Infrastructure.

“We are delighted to partner with Google, Zephyr and Norsk Vind Energi in completing this

landmark transaction in Norway. This project is testament to BlackRock’s continued focus on

renewable power investments, where the firm has invested equity capital in more than 75

renewable power projects across the USA, Canada, Ireland, Sweden, France and the UK in

recent years,” says Rory O’Connor, Managing Director and Head of Renewable Power for

Europe at BlackRock.

“This transaction shows that global companies like Google and BlackRock find Norwegian

wind farms attractive and that Norwegian wind power is part of an international effort to

reduce the carbon footprint. Zephyr and Norsk Vind Energi are proud to successfully have

developed what will become Norway’s largest wind farm when in operation in 2017,” says

Olav Rommetveit from Zephyr.

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Source: Zephyr