Funding & Business
Meta to add 100 MW of solar power from U.S. gear
Meta signed a deal yesterday with solar developer Silicon Range to develop a $100 million, 100-megawatt solar farm in South Carolina.
The new renewable installation will power Meta’s planned AI data center in the state which is expected to cost $800 million. Both the data center and the solar plant are expected to begin operations in 2027.
Most of the equipment for the solar farm will be made in the U.S., according to the companies.
The new deal is the eighteenth such agreement signed between Meta and Silicon Ranch. The renewable developer said the deals have helped drive over $2.5 billion in investments.
Meta has added over 2 gigawatts of solar capacity this year alone. In June, it signed a deal with developer Invergy for several projects in Ohio, and in May it said it was working with AES to built 650 megawatts of solar in Kansas and Texas. Meta is also working in Texas with Engie and Zelestra to develop nearly 800 megawatts of additional solar capacity.
Like many hyperscalers, Meta has been tapping renewables like solar for two main reasons. One, it helps the company stick to its net-zero carbon emissions pledges. But perhaps more importantly, solar power is inexpensive and can be deployed quickly, helping reduce time-to-power, a key bottleneck for any new data center.
Boyd Corp. is exploring a sale of its thermal management solutions business, people familiar with the matter said, amid rising demand for air-cooling systems for data centers.
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Zimbabwe’s central bank has set targets it must achieve before the gold-backed ZiG becomes the nation’s sole currency by the end of the decade.
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Reform UK has vowed to change the way public sector pensions are invested as it attempts to cut waste in local councils, saying “mismanagement” of funds is costing as much as £10 billion ($13.5 billion) a year in missed earnings and excess fees.
The right-wing party on Monday held a press conference in which deputy leader Richard Tice accused local pension fund trustees of “incompetence at best, gross negligence at worst,” as he announced the conclusion of Reform’s review into the savings pots. He said funds were overpaying on fees to managers who were under-delivering, leaving taxpayers on the hook for any shortfall.
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