Meta Nearly Doubles Power Purchase Agreement Capacity With Engie To Over 1.3 GW To Fuel Its Digital Infrastructure

• Meta will contract 100% of Engie’s 600 MW Swenson Ranch solar project capacity as it looks to power its data centers.
• Engie has 11 GW capacity in operation and under construction in North America, comprising solar, wind, and battery storage assets.

Meta Platforms Inc. (META) on Monday nearly doubled its power purchase capacity with Engie North America to fuel its growing digital infrastructure.

According to an announcement, Meta has expanded its power purchase agreement with Engie to more than 1.3 GW, up from the prior agreement of 700 MW. Engie will provide the power from its four projects in Texas.

Meta shares were up more than 2% in Monday’s opening trade. Retail sentiment on Stocktwits around the company trended in the ‘bearish’ territory at the time of writing.

New 600 MW Solar Project

Engie stated that the newly announced power purchase agreement (PPA) with Meta includes the company’s new 600 MW Swenson Ranch Solar project in Stonewall County, southeast of Lubbock, Texas. This is Engie’s largest solar project to date, and Meta will contract 100% of its capacity, the company 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.”

— Urvi Parekh, Head of Global Energy, Meta

Engie stated that it has 11 GW capacity in operation and under construction in North America, comprising solar, wind, and battery storage assets. It said the Swenson Ranch project has a planned investment of $900 million and that it will employ over 350 skilled workers during construction.

Meta’s Data Center Expansion

Meta has been on a data center expansion spree lately, with the El Paso facility in Texas being the latest addition to its portfolio. The company said this campus will be able to scale to 1GW and will be optimized for AI workloads.

This facility will be Meta’s 25th data center in the U.S. and 29th worldwide. The El Paso facility alone requires an investment of $1.5 billion and supports nearly 100 jobs.

META stock is up 28% year-to-date and 31% in the past 12 months.

Also See: Tesla Chair Warns EV Maker Could Lose Elon Musk If $1 Trillion Pay Package Is Not Approved: Report

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