June 3 (UPI) — Constellation Energy Corporation announced Tuesday it has made a deal to provide the Meta technology company with clean energy for a couple of decades.
Constellation said it signed a 20-year power purchase agreement with Meta for the output of the Clinton Clean Energy Center, located in Clinton, Ill., to help Meta meet its clean energy goals and operations in central and southern Illinois with more than 1,100 megawatts of emissions-free nuclear energy.
“We are excited to partner with Constellation and the Clinton community to ensure the long-term operations of the nuclear plant, add new capacity, and help preserve over 1,000 jobs,” Meta’s Head of Global Energy Urvi Parekh said.
The agreement will launch in June of 2027, and supports the relicensing and continued operations of Constellation’s high-performing nuclear facility in Clinton once the state’s ratepayer-funded zero-emission credit program has expired. The deal will allow the facility to expand its energy output by 30 megawatts and preserve 1,100 local jobs. The pact is also expected to bring in $13.5 million in annual tax revenue, and to provide $1 million to area nonprofits over a period of five years.
Constellation CEO and president Joe Dominguez said the company was proud to partner with Meta as it “figured out that supporting the relicensing and expansion of existing plants is just as impactful as finding new sources of energy.”
“Sometimes the most important part of our journey forward is to stop taking steps backwards,” Dominguez said.
The Clinton Clean Energy Center, which employs more than 530 people, contributes around $13.5 million in annual taxes and generates enough electricity to power over 800,000 homes, was scheduled to close in 2017 due to several years of financial losses. However, it was saved by the Future Energy Jobs Act, which created a Zero Emission Credit program that provided the plant enough financial support to support it into 2027.
The deal with Meta will replace that program and keep the plant operational without ratepayer support.
Meta’s deal with the plant also fits its pledge signed in March to join other major corporate energy users to support the tripling of nuclear energy capacity by 2050.
Both companies have apparently already benefited financially following the agreement, as Constellation shares were up 2.38% by 7:45 a.m. in pre-market trading, while Meta jumped 3.62%.