Alphabet/Google
Total Deals
Total Capacity
Disclosed Investment
Disclosed transactions only
Deal Period
Latest: Mar 2026
Strategy Breakdown
Business Context
- Alphabet guided 2026 capex of $175–185B, more than double 2025 spend of ~$93B, with roughly 60% allocated to servers and 40% to data centers and networking in Q4 2025.
- Cloud backlog reached $240B at end of Q4 2025, up 55% sequentially and more than double year-over-year; CEO Pichai cited "compute capacity" as top concern, including power, land, and supply chain constraints.
- Major announced projects include $15B in Andhra Pradesh, India; $5.8B in Belgium; and $9B each in South Carolina, Oklahoma, and Virginia.
Commitments
- Net-zero emissions across operations and value chain by 2030, with SBTi-committed 50% absolute reduction in Scope 1, 2, and 3 emissions by 2030 from 2019 baseline.
- 24/7 carbon-free energy on every grid where it operates by 2030, announced in 2020.
Energy Strategy
A technology-diversification pivot driven by 24/7 carbon-free energy ambitions: nuclear (both restart and advanced), enhanced geothermal, long-duration storage, and co-located generation now supplement the solar/wind base built 2010–2023.
- 2025 Intersect Power acquisition ($4.75B) marked the first hyperscaler purchase of a major developer, securing 3.6 GW of Texas solar/wind pipeline and embedded co-location rights.
- Nuclear deals span three pathways: 2025 NextEra Duane Arnold restart PPA (615 MW Iowa BWR, targeted 2029), 2024 Kairos Power 500 MW SMR fleet agreement (first by 2030), and 2025 Elementl Power equity stake for ≥1.8 GW site development.
- 2026 Xcel Minnesota deal introduced novel "Clean Energy Accelerator Charge" tariff structure pairing 1.4 GW wind/solar with 300 MW Form Energy iron-air battery—world's largest announced long-duration storage.
- Portfolio reflects acute focus on firm, dispatchable capacity and hourly matching: geothermal (Nevada Fervo 115 MW via Clean Transition Tariff), offshore wind life-extension (Netherlands Shell 108 MW), and AES "power first" co-located model in Texas.
Investment Timeline
Deal Breakdown
By Category
By Energy Type
Geographic Footprint
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All Deals
| Date | Deal | Capacity | Value | Category | |
|---|---|---|---|---|---|
| Mar 2026 | Alphabet/Google – Sunraycer Renewables Lupinus + Lupinus 2 Solar PPAs (Texas, ~400 MWac) Sunraycer Renewables (Crayhill Capital Management portfolio company) | 400 MW | — | PPA | |
| Feb 2026 | Alphabet/Google – AES Corporation Co-Located Clean Energy + Data Center PPAs (Wilbarger County, Texas, 20-year) The AES Corporation | — | — | PPA | |
| Feb 2026 | Alphabet/Google – Xcel Energy Clean Energy Accelerator Charge (Minnesota Pine Island, 1.9 GW) Xcel Energy | 1.9 GW | $50M | PPA | |
| Feb 2026 | Alphabet/Google – TotalEnergies Texas Solar PPAs — Wichita + Mustang Creek (1 GW, 15-year) TotalEnergies | 1.0 GW | — | PPA | |
| Feb 2026 | Alphabet/Google – EnBW He Dreiht Offshore Wind Farm PPA (Germany, 100 MW, 15-year) EnBW Energie Baden-Württemberg AG | 100 MW | — | PPA | |
| Jan 2026 | Alphabet/Google – Clearway Energy Portfolio PPAs (Missouri, Texas, West Virginia, 1.17 GW) Clearway Energy Group | 1.2 GW | — | PPA | |
| Dec 2025 | Alphabet / Intersect Power Acquisition ($4.75 Billion) Intersect Power | 3.6 GW | $4.8B | Acquisition | |
| Dec 2025 | Alphabet/Google – TotalEnergies / Citra Energies Malaysia Solar PPA (20 MW, 21-year) TotalEnergies / MK Land Holdings (Citra Energies project) | 20 MW | — | PPA | |
| Dec 2025 | Alphabet/Google – Shizen Energy SM 01 Malaysia Solar PPA (29.99 MW) Shizen Energy Inc. (project company: SM 01 Sdn. Bhd.) | 30 MW | — | PPA | |
| Nov 2025 | Alphabet/Google – TotalEnergies Montpelier Solar Farm PPA (Ohio, 15-year) TotalEnergies | — | — | PPA | |
| Oct 2025 | Alphabet/Google – NextEra Energy Duane Arnold Energy Center Nuclear Restart PPA (Iowa, 615 MW, 25-year) NextEra Energy | 615 MW | — | PPA | |
| Oct 2025 | Alphabet/Google – Eneco Belgium Wind Farm PPA (54 MW) Eneco | 54 MW | — | PPA | |
| Oct 2025 | Alphabet/Google – Luminus Belgium Wind cPPAs (Third Agreement, 14 New Wind Turbines, 2025) Luminus NV | — | — | PPA | |
| Aug 2025 | Alphabet/Google – Kairos Power / TVA Hermes 2 Nuclear PPA (Tennessee, 50 MW) Kairos Power / Tennessee Valley Authority (TVA) | 50 MW | — | PPA | |
| May 2025 | Alphabet/Google – Shell NoordzeeWind Offshore Wind Life Extension PPA (Netherlands, 108 MW) Shell (100% owner of NoordzeeWind since 2021) | 108 MW | — | PPA | |
| May 2025 | Alphabet/Google – Elementl Power Advanced Nuclear Site Development Capital (3 US Sites, ≥1,800 MW) Elementl Power Inc. | 1.8 GW | — | Equity | |
| Jan 2025 | Alphabet/Google – Leeward Renewable Energy Oklahoma Solar Portfolio PPA (724 MWac) Leeward Renewable Energy | 724 MW | — | PPA | |
| Jan 2025 | Alphabet/Google – Entergy Arkansas Project Pyramid Solar+Storage PPA (Arkansas, 950 MW) Entergy Arkansas | 950 MW | — | PPA | |
| Dec 2024 | Alphabet/Google – Apex Clean Energy Rocky Forge Wind PPA (Virginia, 79.3 MW) Apex Clean Energy | 79 MW | — | PPA | |
| Dec 2024 | Alphabet/Google – Intersect Power Strategic Equity Investment ($800M+) Intersect Power | — | $800M | Equity |