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Google has signed a 396 MW power purchase agreement with geothermal developer Fervo Energy – the largest geothermal PPA on record. The deal represents a material shift in how tech giants source baseload renewable power. Unlike wind and solar, geothermal operates 24/7, which matters for data centre operations that can't tolerate grid variability.
Geothermal has been undersold in the renewable transition, crowded out by cheaper wind and solar deployment. But the physics are compelling: it delivers consistent output regardless of weather, geography, or time of day. For companies tracking Scope 2 emissions and competing on net-zero commitments, that reliability is strategically valuable. A single geothermal plant replaces far more intermittent capacity than equivalent MW of solar would.
The deal signals two things. First, tech companies are moving beyond PPA portfolio diversity into strategic fuel-source selection. Second, geothermal economics are finally viable at scale – Fervo's technology unlocked sites previously considered uneconomical.
This shouldn't be read as Google's renewable strategy maturing alone. It points to deeper market correction: geothermal is being repriced. If other corporates follow, capital flows to geothermal acceleration. The question isn't whether this deal moves the needle on Google's emissions – it does – but whether it catalyses the sector-wide capital reallocation that geothermal needs to compete with solar at deployment volume.