Facebook is funding a huge solar farm in Texas

Facebook only announced its first direct investment in a renewable energy project. The tech giant is investing greatly in a huge solar farm in Texas, as it comes from its goal of running fully on renewable energy at the end of next year. Longroad Energy, the renewable energy company has begun developing the Prospero Solar project in Andrews County, Texas.

Longroad hope to have the farms up and running by next year, and is expected to have the capacity of 379 megawatts, this will be sufficient to power nearly 300,000 homes. With 4,600 hectares, it will become one of the largest solar farms in the nation.

This the first time that Facebook invests openly in such project. It's not yet clear how much Facebook covered out of the $ 416 million funding package, but it says it contributes a "substantial" portion of the total cost. The company is the only tax equity investors for the project. The farm will retail part of its production to Shell, which also plans to resell the energy. Shell and Facebook will as well receive renewable energy tax credits.

According to Facebook energy manager Peter Freed in a statement, “Facebook is excited to be one of the first companies to invest directly to meet our renewable energy goals. We hope that these investments be a new way to participate meaningfully in projects, which may be easier for some companies than a continuing power purchase agreement, which opens up new options for more organizations to meet their objectives and make the market grow.”

Since last year, 75 % of Facebook's business works on renewable energy. Other major technology companies are running on renewable energy or hope to do so. Google and Apple use carbon offsets and credits to cancel the use of fossil fuels, although both plan to fully work on renewable energy sooner or later.

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