Facebook announced Thursday it has finalized an agreement to provide tax-equity financing for a 379-megawatt solar project developed by Longroad Energy Partners in West Texas. It’s the first time the social media company, which last year committed to reaching 100 percent renewables by 2020, has directly invested in a wind or solar project.

Shell Energy North America, another corporation that’s shown increasing interest in renewables, signed a 12-year power-purchase agreement for the project’s power. Both Facebook and Shell will use the renewable energy credits from the project, though Facebook told Greentech Media it would receive the majority of those credits.

Facebook will be the sole tax-equity investor for the Prospero project, saying its investment could provide a new model for corporations investigating renewables procurement.

Editorial Team
The Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with data and insights to deliver useful news updates. We are experts with the mission to inform, educate and inspire the industry. We are passionately curious, enthusiastic, and motivated to positively impact the world. Send us a tip via hello @ pvbuzz [dot] com.

US energy storage market sees 232 percent year-on-year growth

Previous article

HPQ Silicon announces GEN3 PUREVAP™ Pilot Plant Update

Next article

Comments

Comments are closed.