Meta Acquires 100% of Environmental Attributes for $450M Sunraycer Solar and Storage Projects in Texas
Facebook parent company Meta Platforms is contracting to acquire two large-scale Environmental Attribute Purchase Agreements connected to 240 MW of new utility-scale solar and battery storage projects in Texas.
Project developer Sunraycer Renewables is delivering the environmental credits from its upcoming Midpoint and Gaia solar farms in Hill and Navarro counties, respectively. The Meta transaction to acquire 100% of the environmental attributes will help fund construction of Sunraycer’s solar and battery facilities.
The Midpoint Solar project, located near Blum, Texas, will provide 127 MWdc / 97.5 MWac of energy to the Electric Reliability Council of Texas (ERCOT) grid. The direct-current solar generation will be inverted to alternating current as it’s interconnected into the ERCOT grid.
Additionally, the Gaia Solar project, located near Kerens, Texas, will provide 184 MWdc / 143 MWac of additional energy to the ERCOT grid. Both Midpoint and Gaia projects are scheduled for commercial operation in late Q4 2025.
Environmental attribute contracts, somewhat like virtual power purchase deals, do not directly connect the renewable energy generation to the buyer. Instead, they help offset Meta’s emissions profile and help the developers invest in projects to decarbonize grid generation portfolios.
"We're excited to support Sunraycer's efforts to bring two solar projects to the grid in Texas," said Urvi Parekh, global head of energy, Meta. "These projects will support our goals to match our operations with 100% clean and renewable energy."
The announcement about the environmental attributes purchase did not give financial details around the agreement. In April, Sunraycer separately announced it had closed on a $475 million financing facility to build the Midpoint and Gaia projects.
