Amazon Stocks Soar on Record-Breaking Green Energy Deal
Amazon's (AMZN) stock price surged by 4% on Friday following the company's announcement of new power purchase agreements (PPAs). The e-commerce giant signed its largest-ever PPA in Germany, committing to buy 600 megawatts of carbon-free power from the Gennaker offshore wind farm in the German Baltic Sea.
The deal provides project developer Skyborn Renewables with increased certainty to move forward with the construction of the wind farm, which is expected to be built approximately 15 kilometers off Germany's northeast coast. Once operational, the wind farm will produce enough power each year to serve over one million German homes.
Amazon also secured four new PPAs in Sweden, bringing its total carbon-free energy capacity in the country to nearly 1 gigawatt. The company now has nine utility-scale wind projects in Sweden, with its wind investments aiming to add more carbon-free power to the grid.