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Utility-scale solar developer and battery storage company Adapture Renewables, announced today that it has signed […]]
Meta Signs Deal for 330MW of Renewable Energy in Illinois and Arkansas – ESG Today
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Meta Signs Deal for 330MW of Renewable Energy in Illinois and Arkansas
Mark Segal
December 19, 2023
Utility-scale solar developer and battery storage company Adapture Renewables, announced today that it has signed three Environmental Attributes Purchase Agreements (EAPAs) with Meta to procure 330MW of renewable energy from three solar projects under development in Illinois and Arkansas.
Meta is one of the largest corporate buyers of renewable energy, and the company achieved its goal to meet 100% of its operational energy needs with renewable sources in 2020. The company anticipates adding 9.8 GW of renewable energy to local grids in the U.S. through its supported wind and solar projects by 2025.
Meta stated that the new partnership will support its goal to achieve net zero emissions and value chain by 2030.
Urvi Parekh, Head of Renewable Energy at Meta said:
“These solar projects represent an important milestone in continuing our commitment to sustainable operations. Our partnership with Adapture Renewables underscores our dedication to utilizing renewable energy to support our facilities and fostering a cleaner, greener future for all.”
According to Adapture, each of the three solar projects are situated in federally designated energy communities where a coal facility had been closed, bringing clean energy investment, jobs and revenue to regions that have been historically dependent on fossil fuels and disproportionately burdened by pollution. The three projects will have an estimated net economic impact of more than $400 million, create approximately 500 temporary jobs during the construction phase and maintain around 25 full-time equivalent positions during operations.
Jesse Tippett, Vice President of Power Marketing Origination at Adapture Renewables said:
“We are proud to partner with progress-minded, global corporate partners like Meta to drive adoption of renewable energy. Working with Meta on these agreements was a delight. The Meta team was efficient and matched our dedication to scaling clean energy, bringing economic opportunities to the energy communities hosting our projects, and achieving three win-win agreements.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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