Eni SpA (E - Free Report) has contracted GE Renewable Energy, a unit of General Electric Company (GE), to supply onshore wind turbines for the Badamsha project in Kazakhstan.
GE will deliver 13 of its 3.8-130 onshore wind turbines, with a hub height of 85 meter, 3.8 megawatt (MW) of power and a 130 meter rotor. The plant will have a wind power capacity of 48 MW, which will boost the country’s wind capacity by 25%.
Located in the north-west region in the Aktobe oblast, the Badamsha plant signifies Eni’s first major investment in wind power and GE’s first onshore wind plant in Kazakhstan.
With this project, Eni is on track with its aim to obtain 50% of energy from renewable sources by 2050. In 2017, the company inked a Memorandum of Understanding (“MoU”) with GE and the Ministry of Energy. The Badamsha plant, which is expected to be commissioned by the end of 2019, is the first significant accomplishment under the MoU. Over the next four years, the company intends to spend 1.2 billion euros on its renewable energy portfolio, which comprises worldwide solar, wind and hybrid projects.
Eni’s presence in Kazakhstan dates back to 1992. The company has interests in various projects in the Northern Caspian Sea, which includes the giant Kashagan field. It is the joint operator of the Karachaganak field. In 2018, Eni became joint operator in the exploration block Isatay along with the national company KMG.
Future of Wind Power
During the 21st century, Royal Dutch Shell plc anticipates global energy demand to grow as the world’s population will reach beyond 10 billion.
Per the company, wind power demand is estimated to witness a compound annual growth rate (CAGR) of 11.3% between 2020 and 2025. In particular, only hydrogen and solar PV are expected to grow by 29.7% and 20.3%, respectively. During the 2025-2040 periods, wind power is projected to grow about 10%, before dawdling to about 5% in the subsequent 20 years.
The global demand for oil is expected to decline from 2025, while demand for gas is anticipated to deteriorate after 2030.
Therefore, several companies including Royal Dutch Shell, TOTAL S.A. and BP plc (BP - Free Report) intend to grow into renewable energy and reduce exposure in oil and gas.
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Eni SpA (E - Free Report) has contracted GE Renewable Energy, a unit of General Electric Company (GE), to supply onshore wind turbines for the Badamsha project in Kazakhstan.
GE will deliver 13 of its 3.8-130 onshore wind turbines, with a hub height of 85 meter, 3.8 megawatt (MW) of power and a 130 meter rotor. The plant will have a wind power capacity of 48 MW, which will boost the country’s wind capacity by 25%.
Located in the north-west region in the Aktobe oblast, the Badamsha plant signifies Eni’s first major investment in wind power and GE’s first onshore wind plant in Kazakhstan.
With this project, Eni is on track with its aim to obtain 50% of energy from renewable sources by 2050. In 2017, the company inked a Memorandum of Understanding (“MoU”) with GE and the Ministry of Energy. The Badamsha plant, which is expected to be commissioned by the end of 2019, is the first significant accomplishment under the MoU. Over the next four years, the company intends to spend 1.2 billion euros on its renewable energy portfolio, which comprises worldwide solar, wind and hybrid projects.
Eni’s presence in Kazakhstan dates back to 1992. The company has interests in various projects in the Northern Caspian Sea, which includes the giant Kashagan field. It is the joint operator of the Karachaganak field. In 2018, Eni became joint operator in the exploration block Isatay along with the national company KMG.
Future of Wind Power
During the 21st century, Royal Dutch Shell plc anticipates global energy demand to grow as the world’s population will reach beyond 10 billion.
Per the company, wind power demand is estimated to witness a compound annual growth rate (CAGR) of 11.3% between 2020 and 2025. In particular, only hydrogen and solar PV are expected to grow by 29.7% and 20.3%, respectively. During the 2025-2040 periods, wind power is projected to grow about 10%, before dawdling to about 5% in the subsequent 20 years.
The global demand for oil is expected to decline from 2025, while demand for gas is anticipated to deteriorate after 2030.
Therefore, several companies including Royal Dutch Shell, TOTAL S.A. and BP plc (BP - Free Report) intend to grow into renewable energy and reduce exposure in oil and gas.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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