Meta Platforms (META) has signed a $100 million, 100-megawatt (MW) solar deal with Silicon Ranch to support the energy needs of its first data center in Orangeburg County, South Carolina. The news comes just when U.S. President Donald Trump vowed to block solar and wind power projects in the country, even as electricity demand outpaces supply in several regions.
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Trump argued that solar projects take up too much land and claimed renewables have driven up electricity prices in the U.S. Meanwhile, Meta and fellow hyperscalers, including Alphabet (GOOGL), Amazon (AMZN), and Microsoft (MSFT), have been investing millions of dollars in nuclear projects and geothermal energy plants to power their massive artificial intelligence (AI) data centers nationwide.
Meta Eyes Solar Power for Energy-Hungry Data Centers
Meta is increasingly turning to renewable energy, particularly solar, to fuel its power-hungry data centers. Solar is among the cheapest sources of electricity and can be deployed more quickly than many other energy projects.
Under the new deal, solar developer Silicon Ranch will partner with Columbia-based Central Electric Power Cooperative to build a solar farm supporting Meta’s $800 million data center in South Carolina. Both the data center and the solar facility are expected to begin operations in 2027, with most equipment for the facility being made in the U.S.
This marks the 18th collaboration between Meta and Silicon Ranch, totaling over 1,500 MW of renewable energy and $2.5 billion in investments across four states. The initiative supports Meta’s zero-emission goals. It is also the fourth joint project between Silicon Ranch and Central Electric Power, further expanding clean energy resources in South Carolina’s cooperative power system.
Is META a Good Stock to Buy Now?
Wall Street remains highly optimistic about Meta Platforms’ long-term outlook. On TipRanks, META stock has a Strong Buy consensus rating based on 42 Buys and five Hold ratings. The average Meta Platforms price target of $872.68 implies 16.7% upside potential from current levels. Year-to-date, META stock has gained nearly 28%.
