Meta to purchase entire output of Engie's new Swenson Ranch solar farm
Meta Platforms Inc on Monday announced a 600 megawatt power purchase agreement with Engie SA to support its US data centre operations.
Shares in the Menlo Park, California-based social media and technology major traded 1.7% higher at USD750.92 on Monday afternoon in New York. La Defense, France-based energy company Engie closed down 0.3% at EUR19.64 on Monday.
Under the agreement, Meta will purchase the entire 600 megawatt output from Engie's Swenson Ranch solar farm in Stonewall County, Texas.
The site is expected to come online in 2027 and will be Engie's largest US asset.
"This project marks an important step forward in the partnership between our two companies and their shared desire to promote a sustainable and competitive energy model," said Engie Executive Vice President Paulo Almirante. "It fully illustrates Engie's ability to design and deliver large-scale renewable projects, efficiently mobilising the entire local value chain.
Working with data centres and industrial customers, we are a reliable partner that brings competitive energy solutions tailored to their needs."
The agreement brings the total capacity of the partnership between Engie and Meta to over 1.3 gigawatts in the United States.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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