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AVANGRID To Support Meta’s Operations in Texas With New 240 MW Solar Farm
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
AVANGRID (NYSE: AGR) has signed a power purchase agreement with Meta for renewable energy from the True North solar farm, a 240 MW project in Falls County, Texas. This agreement marks AVANGRID's first solar installation in Texas, aiming to supply clean energy to support Meta's operations, particularly its data center in Temple, Texas. The project is set to create over 200 local jobs and contribute over $40 million in property taxes over 25 years. True North is expected to reach commercial operations by early 2025 and is part of AVANGRID's larger renewable energy portfolio of over 8.6 GW capacity.
Positive
Signing a PPA with Meta enhances AVANGRID's renewable energy portfolio.
True North will create over 200 local jobs during construction and operation.
The project will contribute over $40 million in property taxes over 25 years.
Expected commercial operation by early 2025 aligns with renewable energy goals.
Negative
None.
240 MW True North is AVANGRID’s first solar farm in the state
The project will supply clean, renewable energy to power Meta’s operations in the region
ORANGE, Conn.--(BUSINESS WIRE)--
AVANGRID (NYSE: AGR), a leading sustainable energy company and part of the Iberdrola Group, has announced today the signing of a power purchase agreement (PPA) with Meta to procure renewable energy from True North, a 240 MW solar farm under development in Falls County, Texas, and AVANGRID’s first solar facility in the state.
“We are proud to sign this agreement with a partner like Meta who, like us at AVANGRID, has a strong commitment to accelerating the energy transition in the U.S.,” said Pedro Azagra, AVANGRID’s CEO. “With projects like True North, we continue our mission of helping the country meet its ambitious clean energy goals, while also creating quality jobs and strengthening our local economies.”
“We’re excited to expand our partnership with AVANGRID to help bring new solar energy to support our local operations in Texas,” said Urvi Parekh, head of renewable energy at Meta. “True North will support our commitment to 100% renewable energy and represents additional investment and jobs for the region.”
Since 2020, Meta’s global operations have been supported by 100% renewable energy. The True North project will support Meta’s upcoming data center in neighboring Temple, their second data center facility in Texas.
True North, AVANGRID’s first solar farm in Texas, will deliver 240 MW of clean, renewable energy once it reaches commercial operations, which is expected by early 2025. During its construction and operation, True North will create over 200 local jobs and is expected to pay over $40 million in property taxes over 25 years in this state, in which the company already operates more than 1,250 MW of onshore wind facilities.
With more than 8.6 GW of installed renewable capacity, including 1.1 GW of solar projects operating and under construction, AVANGRID is the third largest renewable energy operator in the U.S. In total, the company has a strong pipeline of more than 25 GW under development, encompassing solar, onshore wind, offshore wind, and battery energy storage.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $41 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: networks and renewables. Through its networks business, AVANGRID owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, AVANGRID owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,500 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, AVANGRID ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. AVANGRID is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.
