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Eni (E) Enters Into an Accord to Acquire Italian Wind Projects

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Eni SpA (E - Free Report) recently entered into a deal with Glennmont Partners and PGGM Infrastructure Fund.

Per the agreement, the leading integrated energy company will acquire the entire stakes in a portfolio of 13 onshore wind farms in Italy. The total production capacity of the portfolio of wind farms is estimated at 315 megawatts (MW). The company said that 256 wind turbines that are included in the portfolio are located in Sicily, Apulia, Basilicata and Abruzzi. All the wind turbines are currently operational.

Eni expects to have a total installed wind power capacity of 350 MW in Italy, considering its 35-MW project that is under development in Apulia. This has paved the way for Eni to become a leading renewable player in the country. Eni anticipates the transaction, once completed, to be able to provide energy to roughly 200,000 Italian families.

The agreement represents the company’s strong focus to reach its ambitious goal of installing 4 gigawatts (GW) of capacity in 2024, 15 GW in 2030 and 60 GW in 2050.

Currently, Eni carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space include Whiting Petroleum Corporation (WLL - Free Report) , Continental Resources, Inc. (CLR - Free Report) and PDC Energy, Inc. (PDCE - Free Report) . While Whiting Petroleum carries a Zacks Rank #2 (Buy), Continental Resources and PDC Energy sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.

Continental is expected to witness earnings growth of 256% in 2021.

PDC Energy is likely to see earnings growth of 111.8% in 2021.

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