Facebook Leads Investment in Corporate Renewable Market

Facebook pledged, in 2018, to use 100 percent renewable electricity by 2020 from new renewable energy projects on the grid of their data center locations. They surpassed 50 percent renewables in 2017, and reached 75 percent renewables in 2018. Their greenhouse gas reduction goal is 75 percent by 2020. To achieve additionality with renewables, Facebook just finalized an agreement for its first direct investment in a renewable energy project – a 379 MW solar PV project in West Texas. Where Facebook will use the majority of RECs from the project as its sole tax-equity investor, Shell Energy North America will acquire the power through a 12-year power-purchase agreement (PPA).

Facebook signed a PPA for 122 MW of new solar power in Utah as well, to further power a data center with renewables there. Both projects are slated for completion in 2020. Their goal is to achieve a 75 percent reduction in greenhouse gas emissions by 2020. Facebook has signed deals for solar across country, making them the leading corporation to contract for renewable energy in 2018, and so far, in 2019. US corporations in the Renewable Energy Buyers Alliance with Facebook, contracted for 6.63 gigawatts (GW) in 2018, and 1.49 GW of renewable power through May 2019. GTM