Avangrid Produces First Energy from True North Solar Project in Texas, Construction Continues On Schedule
Avangrid (NYSE: AGR) has begun producing power from its True North solar project in Falls County, Texas, marking a significant milestone. The project has commissioned 20 MW so far, with full commercial operations expected by the end of 2024. True North will be Avangrid's largest solar power project and its first in Texas, with a total capacity of 238 MWac (321 MWdc).
The project will supply clean energy to support Meta's net zero commitment, including its upcoming data center in Temple. It's expected to generate over $40 million in property taxes over its lifetime, benefiting local public services and schools. Avangrid has a strong presence in Texas, with over 1,200 MW of installed wind capacity and more than $100 million paid in property taxes from existing facilities.
- Commissioned 20 MW of the True North solar project, on schedule for full operations by end of 2024
- True North will be Avangrid's largest solar power project with 238 MWac capacity
- Project will support Meta's net zero commitment and its new data center
- Expected to generate over $40 million in property taxes over project lifetime
- Avangrid has 1,200 MW of installed wind capacity in Texas
- None.
Avangrid's progress with the True North solar project in Texas is a significant milestone, not just for the company but also for the state's energy market. The commissioning of 20 MW is the first step towards achieving the full 238 MWac capacity. This project aligns well with the growing demand for renewable energy sources, especially in a state that has been diversifying its energy portfolio.
The fact that the project will supply power to Meta’s data center is noteworthy. Companies like Meta are increasingly committed to sustainability and securing a renewable energy source helps them meet their net-zero goals. This partnership also ensures a stable demand for the energy produced, providing a steady revenue stream for Avangrid.
Additionally, the economic benefits like job creation and
For investors, this project signals Avangrid's continued capability in completing large-scale renewable projects. This could enhance the company’s market position and potentially increase shareholder value in the long run.
The commencement of energy production at the True North solar project is a positive indicator for Avangrid's financial health. The project, once fully operational, will add substantial capacity to their renewable energy portfolio, potentially leading to increased revenue streams. With commercial operations expected to begin at the end of 2024, the timeline suggests a near-term boost to the company's revenue.
The agreement with Meta to supply 100% renewable energy to their data center is crucial. Such contracts often come with long-term power purchase agreements (PPAs), providing Avangrid with predictable and stable revenue. This long-term stability is attractive to investors seeking low-risk, steady returns.
Moreover, the impact on local communities through property taxes and job creation can enhance the company's public image and foster goodwill, which is beneficial for long-term growth and community relations.
From a sustainability perspective, the True North solar project is a significant step towards reducing carbon emissions and promoting clean energy. Texas has been historically reliant on fossil fuels, so increasing the share of renewable energy is a positive environmental shift. The project's full capacity of 238 MWac will contribute significantly to reducing the carbon footprint in the region.
This project supports Meta’s net-zero initiative, highlighting the growing trend of tech companies prioritizing sustainability. By facilitating such initiatives, Avangrid not only contributes to environmental goals but also strengthens its position as a leader in the renewable energy sector.
Furthermore, this project can serve as a model for future renewable energy developments in other regions, demonstrating the feasibility and benefits of large-scale solar energy projects.
Avangrid has commissioned 20MW of the project thus far, with commercial operations expected to begin by the end of the year
“This is great news, not just for the on-time construction of True North, but for the state of
True North will be a 238 MWac (321 MWdc) solar farm. Once the project is built, it will supply clean, renewable energy in support of Meta’s net zero commitment, including supporting its upcoming data center in neighboring Temple, its second data center facility in
During its construction and operation, the project is creating local jobs and supporting local communities. It is expected to pay more than
Avangrid has successfully developed, built, and operated renewable energy facilities in
About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240715130620/en/
Media Contact:
Keaton Thomas
Keaton.thomas@avangrid.com
503-956-9621
Source: AVANGRID, Inc.
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