Meta Platforms Inc. to Secure 100% Renewables with Multi-Year Contract

• US technology conglomerate Meta Platforms Inc. (NASDAQ:META) has taken a step towards its goal of sourcing 100% renewable energy for its operations by signing a multi-year contract with energy and commodities trader Vitol. The contract involves the purchase of renewable energy credits and other environmental attributes from Vitol's 50-MW Ocotillo Wells solar project in California.

What happened?

Meta Platforms Inc. (NASDAQ:META) has signed a multi-year contract with energy and commodities trader Vitol to purchase renewable energy credits and other environmental attributes associated with Vitol's 50-MW Ocotillo Wells solar project in San Diego County, California. The project will benefit from a 4-hour battery energy storage system (BESS) and is expected to become operational in the summer of 2023. According to a news release from Vitol, the project is part of its offerings for US companies looking to source renewable energy to power their businesses. 

Why does it matter?

The contract between Meta Platforms Inc. and Vitol is an important step towards the goal of sourcing 100% renewable energy for Meta's operations. The Ocotillo Wells solar project will provide an additional source of clean energy for the region, helping to reduce emissions and promote sustainability. Additionally, the project will create jobs in the area and contribute to the local economy. This is an important example of how companies can work together to support renewable energy and sustainability initiatives.

What's next?

The Ocotillo Wells solar project is expected to become operational in the summer of 2023. In the meantime, Meta Platforms Inc. will continue to work with Vitol and other partners to secure more renewable energy sources for its operations. The company is also working to develop new technologies and strategies to reduce its carbon footprint and promote sustainability. This is an important example of how companies can work together to support renewable energy and sustainability initiatives.