Eni SPA ( E Quick Quote E - Free Report) and joint venture partner Sonangol reached a final investment decision (FID) to develop the Caraculo photovoltaic power plant in Angola.
Solenova signed an engineering, procurement and construction contract for the first phase of the solar power plant. Solenova is a joint venture between Eni and the state-owned oil and gas company, Sonangol. Eni expects the facility to start operating in the fourth quarter of 2022.
The project involves the installation of 50 megawatts-peak of solar photovoltaic panels near Caraculo. The project is situated in the Namibe province, which is known for its severe drought rather than oil resources.
The Caraculo photovoltaic plant will be a major source of electricity from renewable resources in the Namibe province. This will reduce the utilization of diesel to generate electricity, thereby reducing greenhouse gas (GHG) emissions and further boosting Angola’s clean energy transition.
The commissioning of the project is expected to reduce the energy deficit between the north of Angola, where the majority of the infrastructure is centered, and the south of the country. Angola authorities are working on expanding the country’s electricity mix, and increasing electricity generation and transmission infrastructure in the south.
Eni has a major presence in the African country of Angola, with investments in the upstream, downstream, gas and power, and renewables sectors.
Company Profile & Price Performance
Headquartered in Rome, Italy, Eni is one of the leading integrated energy players in the world.
Shares of Eni have outperformed the
industry in the past six months. The stock has gained 11.1% compared with the industry’s 8.7% growth.
Image Source: Zacks Investment Research Zacks Rank & Key Picks
Eni currently carries a Zack Rank #3 (Hold).
Investors interested in the
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