Meta Deepens Clean Energy Pact With ENGIE

Meta Platforms, Inc. (NASDAQ:META) shares climbed Monday after the company deepened its clean energy push.

ENGIE SA’s (OTC:ENGIY) North American subsidiary has signed an additional Power Purchase Agreement (PPA) with Meta, substantially increasing their collective contracted energy capacity.

The deal expands their total contracted energy capacity across four Texas projects to over 1.3 GW. The new PPA includes ENGIE’s new 600MW Swenson Ranch Solar project.

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Key Project Details

The project, set to become operational in 2027, will be the largest single asset in ENGIE's 11GW North American portfolio, with Meta purchasing 100% of its output to support its U.S. data center operations.

The $900 million investment in Swenson is expected generate more than $158 million in tax revenue locally throughout its lifespan.

Urvi Parekh, Head of Global Energy at Meta said, “Our collaboration with ENGIE enables us to continue matching 100% of our electricity use with clean and renewable energy to support our data center operations.”

Meta’s Clean Energy Goals

Meta has been partnering with several energy companies to support its clean energy goals.

This year, the tech giant penned a 20-year PPA with Constellation Energy for 1,121 megawatts of emissions-free nuclear energy.

Also, Meta inked four new agreements with renewable energy developer Invenergy totaling an additional 791 megawatts (MW) of procured solar and wind energy.

Investors can gain exposure to Meta through iShares Global Comm Services ETF (NYSE:IXP) and Global X PureCap MSCI Energy ETF (NYSE:GXPE).

Price Action: META shares were trading higher by 1.84% to $751.93 at last check Monday.

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