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    GOOGL   US02079K3059

ALPHABET INC.

(GOOGL)
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Google signs deal to buy power from Orsted's German offshore wind farm

11/30/2021 | 06:00am EST
FILE PHOTO: General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool

COPENHAGEN (Reuters) - Danish offshore wind developer Orsted on Tuesday said it has secured a 12-year power purchase agreement with Google, which aims to power all its data centres and offices using solely carbon-free electricity https://www.reuters.com/article/us-alphabet-climatechange-idUSKBN2651EP by 2030.

The U.S. tech giant will take 50 megawatt (MW) of output from Orsted's planned 900 MW Borkum Riffgrund 3 wind farm in the German North Sea.

While making it possible for big firms to source green power, such deals also provide a reliable revenue stream for asset owners like Orsted as subsidy schemes are being cut or closed by governments around the globe.

The Borkum Riffgrund 3 project was the first large-scale wind farm to be awarded without subsidies back in 2018, which at the time was thought to be high risk.

The Danish company said it aims to make a final investment decision for the wind farm at the end of 2021, with operation then scheduled for 2025.

Orsted has also sign power purchase agreements with other companies like polymer producer Covestro, German food retailer REWE and Amazon for Borkum Riffgrund 3.

(Reporting by Stine Jacobsen; Editing by Kirsten Donovan)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -2.22% 2607.03 Delayed Quote.-7.97%
ORSTED A/S -4.72% 731.2 Delayed Quote.-12.45%
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Financials (USD)
Sales 2021 254 B - -
Net income 2021 73 196 M - -
Net cash 2021 137 B - -
P/E ratio 2021 24,1x
Yield 2021 -
Capitalization 1 729 B 1 729 B -
EV / Sales 2021 6,26x
EV / Sales 2022 5,23x
Nbr of Employees 150 028
Free-Float 93,1%
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Number of Analysts 48
Last Close Price 2 607,03 $
Average target price 3 383,15 $
Spread / Average Target 29,8%
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Managers and Directors
Sundar Pichai Chief Executive Officer & Director
Ruth M. Porat Chief Financial Officer & Senior Vice President
John LeRoy Hennessy Chairman
John L Doerr Independent Director
Ann Mather Independent Director
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