Meta buys credits from four big US solar projects

(Reuters) – Meta Platforms Inc (NASDAQ:META) announced a deal on Thursday to buy the green credits from four large U.S. solar energy projects that will help the Facebook owner meet its clean electricity goals as its power needs surge.

The agreement is the latest in a string of announcements Meta has made this year aimed at meeting the energy needs of its power-hungry data centers without harming the climate. The company has previously announced deals with several large solar projects, a geothermal startup, and is seeking proposals from nuclear power developers.

In its latest move, Meta signed four contracts with Chicago-based energy project developer Invenergy for 760 megawatts of solar electricity. That is about enough energy to power 130,000 homes.

The projects will connect to the power grid between 2024 and 2027 and will be located in Ohio, Texas, New Mexico and Arkansas, Meta and Invenergy said in a joint statement.

Meta will receive clean energy credits from the projects rather than using the power directly for its own operations.

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