Amazon
Total Deals
Total Capacity
Disclosed Investment
Disclosed transactions only
Deal Period
Latest: Feb 2026
Strategy Breakdown
Business Context
- Amazon plans $200 billion capex in 2026, predominantly for AWS data centers, roughly double 2025 spend.
- AWS added 3.8 GW of power capacity over 12 months, the largest cloud expansion in history.
- AWS committed up to $50 billion for U.S. government AI infrastructure, adding 1.3 GW capacity starting 2026.
- Amazon announced $15 billion for new data center campuses in Northern Indiana to support AI and cloud workloads.
Commitments
- Co-founded The Climate Pledge in 2019, committing to net-zero carbon by 2040, ten years ahead of Paris Agreement.
- Matched 100% of electricity with renewable energy in 2023, seven years ahead of 2030 goal.
- Removed from SBTi validated list in August 2023 after failing to submit emission-reduction targets.
Energy Strategy
A sharp pivot from renewable-only procurement to a diversified carbon-free portfolio anchored by nuclear baseload, driven by AI-fueled data center demand that outpaced wind and solar intermittency.
- Signed 1.92 GW Talen Susquehanna nuclear PPA in 2025 ($18B lifetime revenue), one of the largest corporate nuclear contracts in history.
- Acquired 2.4 GW Sunstone solar+storage asset in Oregon for $83M in 2026, marking first direct asset ownership versus PPA-only strategy.
- Invested $500M anchor stake in X-energy SMR developer in 2024 and partnered with Energy Northwest for 960 MW SMR deployment by early 2030s.
- Portfolio spans 72 deals totaling 22.1 GW: 9.2 GW solar, 4.2 GW onshore wind, 1.7 GW offshore wind, 2.5 GW storage, 4.1 GW nuclear—technology mix reflects 24/7 firm power requirements that peers Google and Microsoft also now prioritize.
Investment Timeline
Deal Breakdown
By Category
By Energy Type
Geographic Footprint
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All Deals
| Date | Deal | Capacity | Value | Category | |
|---|---|---|---|---|---|
| Feb 2026 | Amazon – RWE / Nordseecluster B Offshore Wind PPA (110 MW, Germany) RWE Supply & Trading | 110 MW | — | PPA | |
| Jan 2026 | Amazon – Sunstone Solar+Storage Asset Acquisition (1.2 GW solar + 1.2 GW BESS, Oregon) Pine Gate Renewables (seller, bankrupt) | 2.4 GW | $83M | Acquisition | |
| Sep 2025 | Amazon – Avangrid / Oregon Trail Solar PPA (57 MW, Gilliam County) Avangrid (Iberdrola US subsidiary) | 57 MW | $100M | PPA | |
| Aug 2025 | Amazon AWS – Gentari / Tamil Nadu Wind PPA (80 MW, India) Gentari (Petronas subsidiary) | 80 MW | — | PPA | |
| Aug 2025 | Amazon / X-energy / Korea Hydro & Nuclear Power / Doosan Enerbility Strategic SMR Collaboration X-energy; Korea Hydro & Nuclear Power Co. (KHNP); Doosan Enerbility | — | — | JV/Partnership | |
| Jun 2025 | Amazon AWS – Talen Energy Susquehanna Nuclear Front-of-Meter PPA (1,920 MW) Talen Energy | 1.9 GW | $18.0B | PPA | |
| Feb 2025 | Amazon – Iberdrola Partnership Expansion (476 MW — Tâmega Wind Complex Portugal 219 MW + Ciudad Rodrigo Solar Spain 212 MW + Valdemoro Wind 45 MW) Iberdrola | 476 MW | — | PPA | |
| Jan 2025 | Amazon – JSW Energy Dharapuram Wind PPA (India, 180 MW) JSW Energy | 180 MW | — | PPA | |
| Jan 2025 | Amazon – CleanMax Koppal Wind PPA (India, 100 MW) CleanMax | 100 MW | — | PPA | |
| Jan 2025 | Amazon – BluPine Energy Solapur Wind PPA (India, 99 MW) BluPine Energy | 99 MW | — | PPA | |
| Oct 2024 | Amazon – Energy Northwest / Cascade Advanced Energy Facility SMR PPA & Development Agreement Energy Northwest (consortium of 29 Washington state public utilities) | 960 MW | — | JV/Partnership | |
| Oct 2024 | Amazon Climate Pledge Fund – X-energy Series C-1 Anchor Investment (~$500M round) X-energy Reactor Company, LLC | — | $500M | Equity | |
| Oct 2024 | Amazon – Dominion Energy SMR Memorandum of Understanding (North Anna, Virginia) Dominion Energy Virginia | 300 MW | — | JV/Partnership | |
| May 2024 | Amazon – Entergy Mississippi / First-of-Kind Utility Partnership (650 MW new renewable capacity) Entergy Mississippi | 650 MW | — | JV/Partnership | |
| Mar 2024 | Amazon – Iberdrola / East Anglia THREE Offshore Wind PPA (159 MW, UK) Iberdrola (ScottishPower Renewables — UK Iberdrola subsidiary) | 159 MW | — | PPA | |
| Mar 2024 | Amazon AWS – Talen Energy Cumulus Data Center Campus Acquisition ($650M) Talen Energy / Cumulus Growth Holdings LLC | 960 MW | $650M | Acquisition | |
| Jan 2024 | Amazon – Ocean Winds (ENGIE/EDP Renewables) / Moray West Offshore Wind PPA (473 MW, Scotland) ENGIE / Ocean Winds (50-50 JV of EDP Renewables and ENGIE) | 473 MW | — | PPA | |
| Dec 2023 | Amazon – SK E&S / First South Korea Solar PPA (60 MW) SK E&S (SK Group) | 60 MW | — | PPA | |
| Dec 2023 | Amazon – CPV Renewable Power / Backbone Solar Farm (Garrett County, Maryland, 160 MW) Competitive Power Ventures (CPV Renewable Power) | 160 MW | — | PPA | |
| Nov 2023 | Amazon – Elera Renováveis / Seridó Wind Complex (Rio Grande do Norte, Brazil, 49.5 MW) Elera Renováveis (formerly Brookfield Energia Renovável) | 50 MW | — | PPA |