21 Sep

Facebook Enters a 20-Year Clean Energy Deal

WRITTEN BY Naomi Gray FEATURED IN Company News, Insights, & Analysis

Company purchasing solar energy

Facebook (FB) recently secured a multiyear renewable energy supply deal in Singapore. The company has signed Sembcorp Industries to a 20-year clean energy supply contract to power its Singapore operations. Sembcorp will supply Facebook’s electricity needs using energy generated from rooftop solar panels.

Facebook is spending $1.0 billion to put up its first Asian data center in Singapore, adding to its growing capex as it works to expand its capacity to meet growing data storage needs. The company hosts more than 6.0 billion users across its various digital platforms, including WhatsApp, which boasts 1.5 billion monthly active users.

Facebook Enters a 20-Year Clean Energy Deal

$3.5 billion spent on capex

Facebook’s capex was $3.5 billion in the second quarter. Capex was $5.5 billion at Alphabet (GOOGL) and $227 million and Baidu (BIDU) in the second quarter. Twitter’s (TWTR) capex was $194 million in the second quarter.

Facebook is one of the major global technology companies that’s investing heavily in clean energy. Google said that its renewable capacity matched its worldwide energy consumption last year. The company continues to invest in clean energy and has recently entered a ten-year deal to purchase 190 megawatts of renewable energy generated from wind farms to power its data center in Finland.

Amazon’s cloud unit achieves 50% renewable energy usage

Apple, Microsoft, and Amazon (AMZN) are other technology companies making significant renewable energy investments, partly to reduce their carbon footprints and partly to gain more control of their costs. Amazon has said that its cloud computing division achieved 50% renewable energy usage early this year. The company aims to power its operations with 100% renewable power.

Facebook posted a $5.1 billion net profit in the second quarter.

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