Technology giant Meta Platforms (META) is planning to power its artificial intelligence (AI) data centers with renewable energy sources such as wind and solar.
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The Silicon Valley-based company run by CEO Mark Zuckerberg has signed a deal with privately held clean energy provider Invenergy to supply its AI data centers with 791 megawatts more of solar and wind power, the companies announced in a news release.
This is the latest deal that Meta Platforms has signed to help meet its soaring power needs as it races to bring data centers online that can power its AI technologies and applications. This is Meta’s second deal with Invenergy. In 2024, Meta signed a contract with the Chicago-based renewable energy provider for 760 MW of solar electricity. The combined deals bring the companies’ total partnership to 1,800 MW.
Surging Power Needs
Meta has also inked deals with several large solar power providers, a geothermal start-up company, and is seeking proposals from nuclear power developers. The moves come as Meta rushes to bring AI data centers online and keep up with rivals such as Microsoft (MSFT) and Amazon (AMZN).
The electricity from Invenergy’s solar and wind projects situated in Ohio, Arkansas and Texas will be delivered to the local grid, while Meta will receive clean energy credits associated with the new generation capacity coming online, said the companies. META stock is up 25% this year.
Is META Stock a Buy?
The stock of Meta Platforms has a consensus Strong Buy rating among 46 Wall Street analysts. That rating is based on 42 Buy, three Hold, and one Sell recommendations issued in the past three months. The average META price target of $714.26 implies 0.79% upside from current levels.
