Enbridge Inc. (TSX: ENB) (NYSE: ENB), a leading North American energy infrastructure company, announced today its final investment decision to proceed with the construction of a 600-megawatt (MW) solar power project in Texas. This significant $900 million investment underscores Enbridge’s commitment to advancing renewable energy solutions and capitalizing on the escalating demand for clean power, particularly from the technology sector.
In a strategic move, Meta Platforms has entered into a long-term contract to purchase 100% of the renewable output from the Clear Fork Solar project. This agreement will directly support the power needs of Meta’s regional operations, reflecting the growing trend among major tech firms to secure clean energy for their data centers.
“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,” stated Matthew Akman, Enbridge’s Executive Vice President of Corporate Strategy and President of Power.
Construction on the Clear Fork project, located near San Antonio, is already underway. Enbridge anticipates the facility will become operational by 2027, contributing positively to the company’s cash flow and earnings starting the same year. This project highlights Enbridge’s strategic expansion into utility-scale renewable energy, aligning with the increasing corporate drive towards decarbonization and sustainable operations.
