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Enbridge, a Canadian company, will invest $900 million in Texas solar project

Enbridge, an energy infrastructure company, announced on Tuesday that it had made a final decision to invest $900,000,000 in a 600-megawatt solar power plant in Texas. The demand for clean electricity from tech companies is driving growth in renewables.

Meta Platforms signed a contract for a long term to buy 100% of the renewable output from this project to power its regional operations.

Meta is one of several large technology firms that invest in renewable energy for their data centers.

Clear Fork, located near San Antonio is expected to be operational by 2027.

Matthew Akman is Enbridge's executive Vice President of Corporate Strategy and President of Power. He said that Clear Fork shows the increasing demand for renewable energy in North America by blue-chip companies involved in data centers and technology.

Enbridge has already begun construction on the project and expects it to have a positive impact on its earnings and cash flow by 2027. (Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)

(source: Reuters)