Eni SpA ( E Quick Quote E - Free Report) announced that it commenced production at its solar photovoltaic facility in Tataouine, Tunisia, after connecting to the national grid.
The solar photovoltaic facility has an installed capacity of 10 megawatts (MW). It is expected to supply more than 20 gigawatt hours (“GWh”) of power to Tunisia’s national electricity grid per year. Additionally, the facility will eliminate 211,000 tons of carbon dioxide equivalent throughout its lifetime.
The solar power facility was manufactured by Societe Energie Renouvelables Eni Etap, a joint venture between Eni and Entreprise Tunisienne d’Activites Petrolieres. Eni will supply the facility’s generated electricity to STEG (Société Tunisienne de l'Electricité et du Gaz) through a power purchase agreement for 20 years.
This is Eni’s second solar photovoltaic facility in Tunisia. The company also handles the Adam photovoltaic field in the country, with a peak capacity of 5 MW. Eni’s Tataouine facility supplies electricity to the nearby Adam field in the Governorate of Tataouine. The plant is a hybrid generation system, one of the most innovative and efficient systems available today.
Eni has been contributing to Tunisia’s growth since 1961. The company focuses on its upstream operations in the country’s southern desert regions and offshore in the Mediterranean Sea. Eni’s Global Gas & LNG portfolio is for managing the Transmed gas pipeline, which connects Algeria to Italy through Tunisia.
The initiative contributes to Eni’s strategy to decarbonize the Tunisia energy system. The investment aligns well with the company’s aim to reach zero scope 1, 2 and 3 emissions by 2050, in line with its medium to long-term strategy.
Shares of Eni have outperformed the
industry in the past three months. The stock has gained 28.8% compared with the industry’s 10.5% 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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