Amazon And Meta Tap Japan's Itochu For Clean Energy Supply

Author: Anusuya Lahiri | February 15, 2023 06:51am

Japanese trading house Itochu Corp (OTC:ITOCF) agreed to supply wind-generated power solar energy to Amazon.Com Inc (NASDAQ:AMZN) in Japan via Clean Energy Connect Co, Ltd.
CEC inked a deal with Amazon to develop non-FIT low-pressure solar power plants in 700 sites dedicated to supplying 70 MW DC and 38 MW AC power to Amazon in Japan by 2024.
Amazon migrated the sources of all of the energy used in its business operations to renewable energy by 2025 and aimed to procure renewable energy worldwide.
Itochu inked a deal with Fengate Asset Management to invest in the Prairie Switch Wind Project, which is currently under construction in Texas and will have a total generating capacity of 160 MW.
Itochu inked a corporate power purchase agreement with Meta Platforms Inc (NASDAQ:META) in the U.S.
The Texas Wind Power Plant Project comprised 48 wind turbines with a generating capacity of 3.4 MW each and a total generating capacity of 160 MW. It will likely reach commercial operation at the end of 2023.
Price Action: AMZN shares closed higher by 0.16% at $99.70 on Tuesday.