Meta Platforms Inc Buys Solar Energy Credits

(Reuters) – Meta Platforms Inc (NASDAQ:META) announced a deal on Thursday to buy green credits from four large U.S. solar energy projects, assisting the Facebook owner in achieving its clean electricity goals as power demands rise.

The agreement is part of a series of announcements from Meta this year, focused on satisfying the energy needs of its power-intensive data centers while minimizing climate impact. Earlier deals included collaborations with major solar initiatives, a geothermal startup, and proposals from nuclear power developers.

In this latest move, Meta signed contracts with Invenergy, a Chicago-based energy project developer, for 760 megawatts of solar electricity—enough to power approximately 130,000 homes.

The projects, located in Ohio, Texas, New Mexico, and Arkansas, are set to connect to the power grid between 2024 and 2027, as stated by Meta and Invenergy in a joint announcement.

Instead of directly utilizing the power, Meta will acquire clean energy credits from these projects.

"These projects will help us continue our commitment to support all of our operations with 100% clean energy," said Urvi Parekh, Meta's head of global energy, in a statement.