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Equinor (EQNR) & Partners Plan Offshore Wind Park in Norway
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Equinor ASA (EQNR - Free Report) recently agreed to team up with German utility firm RWE Renewables and Hydro REIN, a subsidiary of aluminum producer Hydro, in a bid to develop a large offshore wind park in Norway. The companies are expected to jointly submit an application for the offshore wind farm in SørligeNordsjø II, which will be bottom-fixed, to the Norwegian authorities.
The energy department of the country opened Utsira Nord and SørligeNordsjø II for offshore renewable projects, which are located perfectly for supplying power to Europe. The partners, rich in experience in renewable projects, are expected to develop a large-scale wind farm in the area. Water depth in the region is within 53-70 meters.
Equinor expects a wind farm in this location to play a crucial role in helping the European Union and United Kingdom to meet their offshore wind power goal of 300 gigawatt (GW) and 100 GW, respectively, by 2050. Notably, Equinor and RWE Renewables have experience in working together. The companies developed Arkona offshore wind farm, with 385 megawatt capacity, which is located in the German part of the Baltic Sea.
Equinor’s key strategy is to capitalize on the renewable energy space and align operations with the Paris Climate Agreement. Thus, to combat climate change, the company is investing actively in renewable energy projects, comprising power generation from solar and wind energy. Equinor expects to boost production capacities from renewables to 4-6 GW by 2026. Moreover, by 2035, the company plans to further boost the capacity of renewable projects to 12-16 GW.
It already generates sufficient energy from wind farms located off the coast of Germany and in the United Kingdom to power more than 1 million homes in Europe. Markedly, its offshore wind farm in New York is producing up to 2000 megawatts of electricity. The company plans to become a net-zero greenhouse gas emitter by 2050.
Price Performance
Shares of the company have gained 44.3%, outperforming the industry’s 27.3% growth in the past year.
Earthstone’s sales for 2021 are expected to jump 87.7% year over year.
Braskem’s bottom line for 2021 is expected to rise 231.3% year over year.
PHX Minerals’ bottom line for 2021 is expected to surge 40% year over year.
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 SherazMian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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Equinor (EQNR) & Partners Plan Offshore Wind Park in Norway
Equinor ASA (EQNR - Free Report) recently agreed to team up with German utility firm RWE Renewables and Hydro REIN, a subsidiary of aluminum producer Hydro, in a bid to develop a large offshore wind park in Norway. The companies are expected to jointly submit an application for the offshore wind farm in SørligeNordsjø II, which will be bottom-fixed, to the Norwegian authorities.
The energy department of the country opened Utsira Nord and SørligeNordsjø II for offshore renewable projects, which are located perfectly for supplying power to Europe. The partners, rich in experience in renewable projects, are expected to develop a large-scale wind farm in the area. Water depth in the region is within 53-70 meters.
Equinor expects a wind farm in this location to play a crucial role in helping the European Union and United Kingdom to meet their offshore wind power goal of 300 gigawatt (GW) and 100 GW, respectively, by 2050. Notably, Equinor and RWE Renewables have experience in working together. The companies developed Arkona offshore wind farm, with 385 megawatt capacity, which is located in the German part of the Baltic Sea.
Equinor’s key strategy is to capitalize on the renewable energy space and align operations with the Paris Climate Agreement. Thus, to combat climate change, the company is investing actively in renewable energy projects, comprising power generation from solar and wind energy. Equinor expects to boost production capacities from renewables to 4-6 GW by 2026. Moreover, by 2035, the company plans to further boost the capacity of renewable projects to 12-16 GW.
It already generates sufficient energy from wind farms located off the coast of Germany and in the United Kingdom to power more than 1 million homes in Europe. Markedly, its offshore wind farm in New York is producing up to 2000 megawatts of electricity. The company plans to become a net-zero greenhouse gas emitter by 2050.
Price Performance
Shares of the company have gained 44.3%, outperforming the industry’s 27.3% growth in the past year.
Zacks Rank & Stocks to Consider
The company currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space include Earthstone Energy, Inc. , Braskem S.A. (BAK - Free Report) and PHX Minerals Inc. (PHX - Free Report) , each having a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earthstone’s sales for 2021 are expected to jump 87.7% year over year.
Braskem’s bottom line for 2021 is expected to rise 231.3% year over year.
PHX Minerals’ bottom line for 2021 is expected to surge 40% year over year.
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 SherazMian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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