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.