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Renewables developer Solarpack announced energy purchase agreements with Meta, enabling the construction of two new […]]
Meta Signs Deal for 210 MW of Renewable Energy from New Solar Projects in Indiana – ESG Today
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Meta Signs Deal for 210 MW of Renewable Energy from New Solar Projects in Indiana
Mark Segal
May 13, 2024
Renewables developer Solarpack announced energy purchase agreements with Meta, enabling the construction of two new solar projects in Indiana, totalling 210 MW.
Meta has set a target to reach net zero emissions across its value chain by 2030, and is one of the largest corporate buyers of renewable energy. The company achieved its goal to meet 100% of its operational energy needs with renewable sources in 2020, and recently said that it anticipates adding 9.8 GW of renewable energy to local grids in the U.S. through its supported wind and solar projects by 2025.
Under the new agreements, Meta will purchase the 210 MW of output from Solarpack’s two new solar projects, which will support Meta’s operations in Indiana, including the company’s planned new data center in the state, announced earlier this year. Meta has said that the new data center will be supported by 100% renewable energy, in line with all of the company’s data centers. The agreement marks the latest in a series of U.S.-based renewables deals for Meta, including a 349 MW purchase agreement in March for a solar project in Missouri, and a deal in December for 330 MW of renewable energy from three solar projects under development in Illinois and Arkansas.
Founded in 2005, Spain-based Solarpack develops and operates large-scale renewables projects globally. To date, the company has developed or built power plants representing 2.5 GW of capacity, and it has a project portfolio of 17 GW of projects across 13 countries.
Solarpack CEO Leo Moreno said:
“We are excited to both support Meta’s decarbonization goals and reach this major milestone for Solarpack in the United States, a key growth market for us. We’re proud to offer global decarbonization solutions supporting local carbon-free generation near data center loads.”
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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