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TOTAL (TOT) Signs 10-Year Deal With Merck to Sell Clean Power
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TOTAL SE announced that it has signed a long-term agreement with Merck & Co. (MRK - Free Report) over a period of 10 years to sell the latter 90 gigawatt (GW) of clean energy annually from its 45 MW utility-scale solar power projects in Spain, Castilla La Mancha region. This news was received positively by investors and TOTAL’s shares gained 1.1% post this deal.
TOTAL’s Net-Zero Emission Goal
The company has an ambition of achieving net-zero emissions by 2050 and has been taking initiatives in this regard. It is gradually building the clean electricity generation portfolio. The acquisition of SunPower Corporation (SPWR - Free Report) has enabled the company to expand solar operations since 2011. At the end of 2020, TOTAL had a global capacity to generate 7GW of renewable energy.
The company now plans to scale up renewable generation capacity to 25 Gigawatts (GW) by 2025 and further to 100 GW by 2030. TOTAL is building a portfolio of assets in renewables and electricity that should account for up to 40% of sales by 2050. Its ambition is in sync with the projection of International Energy Agency, which predicts that the share of renewable energies in the global energy mix is expected to increase from 14% in 2019 to 36% in 2040.
TOTAL is planning to attain net-zero emissions through installation of large scale solar and onshore wind projects, development of offshore wind projects, stationary energy storage assets and distributed power generation solutions.
Focus on Clean Energy
Increasing emphasis on emission reduction and generation of more electricity from clean alternate sources of energy is becoming popular on a global scale. Usage of natural gas and renewable sources of energy are likely to increase on a global scale. The ongoing research and development work in this area is making utility-scale renewable energy projects cost effective and competitive with traditional fossil fuel-based power plants.
Given huge prospects of renewable energy in electricity generation, we have seen large oil and gas companies like ExxonMobil (XOM - Free Report) , among others, making heavy investments in the renewable energy space.
In the past 12 months, shares of TOTAL have outperformed the industry.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
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TOTAL (TOT) Signs 10-Year Deal With Merck to Sell Clean Power
TOTAL SE announced that it has signed a long-term agreement with Merck & Co. (MRK - Free Report) over a period of 10 years to sell the latter 90 gigawatt (GW) of clean energy annually from its 45 MW utility-scale solar power projects in Spain, Castilla La Mancha region. This news was received positively by investors and TOTAL’s shares gained 1.1% post this deal.
TOTAL’s Net-Zero Emission Goal
The company has an ambition of achieving net-zero emissions by 2050 and has been taking initiatives in this regard. It is gradually building the clean electricity generation portfolio. The acquisition of SunPower Corporation (SPWR - Free Report) has enabled the company to expand solar operations since 2011. At the end of 2020, TOTAL had a global capacity to generate 7GW of renewable energy.
The company now plans to scale up renewable generation capacity to 25 Gigawatts (GW) by 2025 and further to 100 GW by 2030. TOTAL is building a portfolio of assets in renewables and electricity that should account for up to 40% of sales by 2050. Its ambition is in sync with the projection of International Energy Agency, which predicts that the share of renewable energies in the global energy mix is expected to increase from 14% in 2019 to 36% in 2040.
TOTAL is planning to attain net-zero emissions through installation of large scale solar and onshore wind projects, development of offshore wind projects, stationary energy storage assets and distributed power generation solutions.
Focus on Clean Energy
Increasing emphasis on emission reduction and generation of more electricity from clean alternate sources of energy is becoming popular on a global scale. Usage of natural gas and renewable sources of energy are likely to increase on a global scale. The ongoing research and development work in this area is making utility-scale renewable energy projects cost effective and competitive with traditional fossil fuel-based power plants.
Given huge prospects of renewable energy in electricity generation, we have seen large oil and gas companies like ExxonMobil (XOM - Free Report) , among others, making heavy investments in the renewable energy space.
Zacks Rank & Price Performance
TOTAL currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 12 months, shares of TOTAL have outperformed the industry.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How to Profit from Trillions on Spending for Infrastructure >>