Enbridge to Invest US$900 Mln in Texas Solar Project

(Reuters) – Energy infrastructure company Enbridge said on Tuesday it had reached a final investment decision to invest $900 million on a 600 megawatt solar power project in Texas, as demand for clean energy from tech companies drives growth in renewables.

Meta Platforms  has signed a long-term contract to purchase 100% of the project’s renewable output to help power its regional operations.

Meta is among the several large tech firms investing in renewable energy to power their data centers.

The Clear Fork project, located near San Antonio, is expected to become operational by 2027.

“Clear Fork demonstrates the growing demand for renewable power across North America from blue-chip companies who are involved in technology and data center operations,” said Matthew Akman, Enbridge’s executive vice president of corporate strategy and president of power.

Project construction is already underway and Enbridge expects the project to be accretive to its cash flow and earnings starting 2027.

Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli

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