Sol Systems has teamed up with technology giant Microsoft to create a portfolio of more than 500MW of solar projects in the US.
The company said its “community” investment fund represented the company’s single largest renewable power purchase agreement.
The deal will see Sol Systems finance, develop and operate the solar projects and then sell the electricity generated to Microsoft.
In parallel, working with local leaders in nearby communities and those disproportionately impacted by climate change, Sol Systems and Microsoft will invest at least €42.6m for community-led grants.
These investments that support educational programs, job and career training, habitat restoration, and programs that support access to clean energy and energy efficiency.
Microsoft claimed it had designed the portfolio to maximize positive environmental, community and societal impacts. The strategic initiative will help Microsoft meet its goal of shifting to 100% renewable energy by 2025.
Sol Systems chief executive and co-founder Yuri Horwitz said: “This marks a groundbreaking commitment by Microsoft, Sol Systems, and our employees to invest in our communities and drive economic recovery.
“This is a unique approach to couple clean energy with community development and investment,” he added.
Microsoft chief environmental officer Lucas Joppa said: “We recognize that climate and environmental issues don’t impact every community the same way and we need to address environmental equity as a broader issue.
“Our work with Sol Systems is a first-of-its-kind initiative tying the purchasing of renewable energy to environmental justice and equity in under-resourced communities.
“What makes this partnership unique is that we will be working with local leaders, prioritizing minority and women-owned businesses and making community-lead grants and investments.”
Delivery of the portfolio will be phased in over the next several years.