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TC Energy (TRP), EDP Ink PPA for 297-MW Wind Farm in Alberta

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TC Energy Corporation (TRP - Free Report) has entered into a 15-year power purchase agreement (PPA) with a subsidiary of the renewable energy firm EDP Renewables SA for 100% of the Sharp Hills Wind Farm's production in Alberta. Subject to usual regulatory approvals and restrictions, the PPA will allow continuous development, ultimate construction and operation of the wind farm.

Located in the Special Areas municipality near the hamlets of Sedalia and New Bridgen, in the Alberta province, the 297-megawatt (MW) Sharp Hills Wind Farm is estimated to be operational in 2023.

Approximately 300 jobs will be created during the building of the wind farm and 15-20 permanent, local job positions will be formed over the project's operating life. The Sharp Hills Wind Farm will also conserve roughly two billion liters of water each year and generate enough electricity to power the equivalent of more than 164,000 typical Alberta households.

Calgary, Alberta-based TC Energy will get the rights to all environmental characteristics in addition to the power generated by the Sharp Hills Wind Farm. The company is dedicated to developing solutions for a sustainable energy future and its investment in the Sharp Hills Wind Farm helps it achieve its aim of defining and providing substantial advances to the energy sector as a whole.

The pact, which is Alberta's largest wind power purchase agreement, is a giant leap in the direction of expanding TC Energy’s renewable energy portfolio. This wind project together with previous agreements in East Strathmore and Claresholm allows the firm to provide a wide range of sustainable energy alternatives to the Albertans.

Company Profile & Price Performance

TC Energy is a premier natural gas-focused midstream energy service provider. The company is involved in other businesses including power generation, natural gas storage and crude oil pipelines.

Shares of the company have outperformed the industry in the past one month. The stock has gained 4.3% compared with the industry’s 0.7% growth.

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Zacks Rank & Stocks to Consider

TC Energy currently carries a Zack Rank #3 (Hold). Some better-ranked players in the energy space are Canadian Natural Resources Limited (CNQ - Free Report) , Whiting Petroleum Corporation and Continental Resources, Inc. , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 60 days, the Zacks Consensus Estimate for Canadian Natural’s 2021 earnings has been raised 14.7% while the same for Whiting Petroleum and Continental has moved 52.8% and 52.7% north, respectively.

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