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AVANGRID (AGR) to Build True North Solar Farm, Cuts Emission
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AVANGRID, Inc. (AGR - Free Report) announced that it is going to utilize $30 million worth of high-quality solar trackers from the New Mexico based company, Array Technologies (ATI), to develop a 321 Megawatt (MW) solar farm in Texas. ATI’s decision to supply the solar trackers is quite expected, given the former is a long-standing supplier of AVANGRID.
AVANGRID reaffirms the ongoing commitment to New Mexico, supporting local jobs and expanding its clean energy vision. Due to its durable and low maintenance trackers, it will help provide clean renewable energy for the Texas grid, at competitive prices. This will ensure the local community has access to reliable power.
AVANGRID has increased the presence of sustainable energy in Texas, where it currently produces more than 1,250 MW through six wind farms and has a pipeline of 1,300 MW projects.
Renewable Generation
Per U.S. Energy Information Administration (EIA) report, decline in coal usage for electricity generation is offset by an increase in renewable sources of energy, which is expected to rise from 22% in 2022 to 26% in 2024. Per EIA, 63 gigawatts (GW) of utility-scale solar generating capacity are expected to enter service by the end of 2024. For solar energy, in particular, the demand is expected to increase 27% in 2023, and 38% in 2024.
Rising demand for solar energy will assist and benefit all the operators in the renewable energy space.
First Solar (FSLR - Free Report) , among others, continues to expand its operation and cater to rising demand from customers. It will have a global annual manufacturing capacity of more than 20 gigawatts (GW) by 2025. It is innovating and providing high-quality modules to its customers. First Solar’s Series 6 solar modules are very efficient. The company is investing heftily in the production ramp-up of this module to expand its manufacturing capacity.
The Zacks Consensus Estimate for 2023 earnings per share (EPS) is $5.43, implying a year-over-year increase of 1,424.4%. It had delivered an average earnings surprise of 8.61% in the past four quarters.
SunPower Corporation (SPWR - Free Report) has been efficiently providing services to its customers and more than 1,000 patents for solar innovation. The company's revenues grew 53% year over year to $1.7 billion in 2022. This was primarily fueled by the addition of 83,000 new customers, indicating a 48% increase from 56,100 customers in 2021.
SunPower’s long-term (three- to five-year) earnings growth is pegged at 48.68%. The Zacks Consensus Estimate for 2023 EPS is 40 cents, implying a year-over-year increase of 21.2%.
Sunrun Inc.’s (RUN - Free Report) provides residential solar, storage and energy services to customers. It has also installed over 53,000 solar and storage systems nationwide, which offer users ability to power through multi-day outages with clean and reliable home energy. The company is also adding a network of storage capacity, allowing Sunrun to benefit from the rising demand in the storage space.
It had delivered an average earnings surprise of 2,534.2% in the last four quarters. It reported fourth-quarter 2022 earnings of 29 cents, up 866.7% from the Zacks Consensus Estimate of 3 cents.
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AVANGRID (AGR) to Build True North Solar Farm, Cuts Emission
AVANGRID, Inc. (AGR - Free Report) announced that it is going to utilize $30 million worth of high-quality solar trackers from the New Mexico based company, Array Technologies (ATI), to develop a 321 Megawatt (MW) solar farm in Texas. ATI’s decision to supply the solar trackers is quite expected, given the former is a long-standing supplier of AVANGRID.
AVANGRID reaffirms the ongoing commitment to New Mexico, supporting local jobs and expanding its clean energy vision. Due to its durable and low maintenance trackers, it will help provide clean renewable energy for the Texas grid, at competitive prices. This will ensure the local community has access to reliable power.
AVANGRID has increased the presence of sustainable energy in Texas, where it currently produces more than 1,250 MW through six wind farms and has a pipeline of 1,300 MW projects.
Renewable Generation
Per U.S. Energy Information Administration (EIA) report, decline in coal usage for electricity generation is offset by an increase in renewable sources of energy, which is expected to rise from 22% in 2022 to 26% in 2024. Per EIA, 63 gigawatts (GW) of utility-scale solar generating capacity are expected to enter service by the end of 2024. For solar energy, in particular, the demand is expected to increase 27% in 2023, and 38% in 2024.
Rising demand for solar energy will assist and benefit all the operators in the renewable energy space.
First Solar (FSLR - Free Report) , among others, continues to expand its operation and cater to rising demand from customers. It will have a global annual manufacturing capacity of more than 20 gigawatts (GW) by 2025. It is innovating and providing high-quality modules to its customers. First Solar’s Series 6 solar modules are very efficient. The company is investing heftily in the production ramp-up of this module to expand its manufacturing capacity.
The Zacks Consensus Estimate for 2023 earnings per share (EPS) is $5.43, implying a year-over-year increase of 1,424.4%. It had delivered an average earnings surprise of 8.61% in the past four quarters.
SunPower Corporation (SPWR - Free Report) has been efficiently providing services to its customers and more than 1,000 patents for solar innovation. The company's revenues grew 53% year over year to $1.7 billion in 2022. This was primarily fueled by the addition of 83,000 new customers, indicating a 48% increase from 56,100 customers in 2021.
SunPower’s long-term (three- to five-year) earnings growth is pegged at 48.68%. The Zacks Consensus Estimate for 2023 EPS is 40 cents, implying a year-over-year increase of 21.2%.
Sunrun Inc.’s (RUN - Free Report) provides residential solar, storage and energy services to customers. It has also installed over 53,000 solar and storage systems nationwide, which offer users ability to power through multi-day outages with clean and reliable home energy. The company is also adding a network of storage capacity, allowing Sunrun to benefit from the rising demand in the storage space.
It had delivered an average earnings surprise of 2,534.2% in the last four quarters. It reported fourth-quarter 2022 earnings of 29 cents, up 866.7% from the Zacks Consensus Estimate of 3 cents.