Enbridge Invests $900 Million In Texas Solar Project
Canadian energy infrastructure company Enbridge (ENB) is investing $900 million U.S. in a 600-megawatt solar project in Texas.
Calgary-based Enbridge says it is making the investment as demand for clean energy from technology companies drives demand for renewable sources of power.
Technology giant Meta Platforms (META) has signed a long-term contract to purchase 100% of the project's renewable energy to help power its data centre operations.
Meta is one of many mega-cap technology firms that is investing heavily in renewable energy to power their data centres and artificial intelligence (A.I.) models and applications.
The “Clear Fork” solar energy project, which is located near San Antonio, Texas, 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 Enbridge in a news release announcing the investment.
Construction on Clear Fork is underway and Enbridge expects the project to be accretive to its cash flow and earnings once it comes online in 2027.
ENB stock has gained 4% this year to trade at $44.59 U.S. per share.
