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Equinor (EQNR) Begins Production at Poland's Zagorzyca Plant
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Equinor ASA (EQNR - Free Report) began test production at its second solar facility in Poland, one of Europe’s fast-growing renewable energy markets.
The 60-megawatt solar facility, known as Zagorzyca, is situated in the Damnica municipality of Slupsk County. Zagorzyca is Equinor’s second photovoltaic asset in Poland, where the company is developing a broad energy offering among onshore and offshore projects.
The solar farm involves 111,000 solar panels over 55 hectares. The Zagorzyca facility is developed and operated by Equinor’s wholly-owned subsidiary, Wento. In 2021, Equinor acquired Wento and its total solar project pipeline of 1.6 gigawatts in different development stages.
Since the acquisition, two solar facilities in Poland have been ready. Another facility is being developed. Equinor’s first solar facility Stepien is already in commercial production. The company is developing a third facility, Lipno, which it plans to bring online in 2024.
Zagorzyca will be in operation for 30 years, with an annual production capacity of 61 gigawatt hours of power. This is equivalent to the power requirement of 31,000 Poland households. Equinor’s energy trading house, Danske Commodities, will market and supply electricity from Zagorzyca to the Poland power market.
The growing urgency to curb climate change has led to a global shift toward a low-carbon economy. There has been an increase in demand for the transition to solar energy in the fight against greenhouse gas emissions.
To combat climate change and capitalize on the rising clean energy demand, Equinor is actively investing in renewable energy projects, including power generation from solar energy. The latest move shows the company’s commitment to support Poland’s energy transition.
Price Performance
Shares of Equinor have outperformed the industry in the past three months. The stock has gained 3% against the industry’s 1.2% decline.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, beating the Zacks Consensus Estimate of earnings of 55 cents per share.
Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for SDRL’s 2023 and 2024 earnings is pegged at $2.93 per share and $4.01 per share, respectively.
Evolution Petroleum is an independent energy company. EPM reported first-quarter 2023 earnings of 42 cents per share, beating the Zacks Consensus Estimate of earnings of 17 cents per share.
Evolution Petroleum has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for EPM’s 2023 and 2024 earnings is pegged at $1.11 and $1.05 per share, respectively.
PHX Minerals is an oil and natural gas mineral company. The company posted first-quarter 2023 earnings of 11 cents per share, beating the Zacks Consensus Estimate of earnings of 7 cents per share.
PHX has witnessed upward earnings estimate revisions for 2024 in the past 60 days. The consensus estimate for the company’s 2023 and 2024 earnings per share is pegged at 28 cents and 45 cents, respectively.
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Equinor (EQNR) Begins Production at Poland's Zagorzyca Plant
Equinor ASA (EQNR - Free Report) began test production at its second solar facility in Poland, one of Europe’s fast-growing renewable energy markets.
The 60-megawatt solar facility, known as Zagorzyca, is situated in the Damnica municipality of Slupsk County. Zagorzyca is Equinor’s second photovoltaic asset in Poland, where the company is developing a broad energy offering among onshore and offshore projects.
The solar farm involves 111,000 solar panels over 55 hectares. The Zagorzyca facility is developed and operated by Equinor’s wholly-owned subsidiary, Wento. In 2021, Equinor acquired Wento and its total solar project pipeline of 1.6 gigawatts in different development stages.
Since the acquisition, two solar facilities in Poland have been ready. Another facility is being developed. Equinor’s first solar facility Stepien is already in commercial production. The company is developing a third facility, Lipno, which it plans to bring online in 2024.
Zagorzyca will be in operation for 30 years, with an annual production capacity of 61 gigawatt hours of power. This is equivalent to the power requirement of 31,000 Poland households. Equinor’s energy trading house, Danske Commodities, will market and supply electricity from Zagorzyca to the Poland power market.
The growing urgency to curb climate change has led to a global shift toward a low-carbon economy. There has been an increase in demand for the transition to solar energy in the fight against greenhouse gas emissions.
To combat climate change and capitalize on the rising clean energy demand, Equinor is actively investing in renewable energy projects, including power generation from solar energy. The latest move shows the company’s commitment to support Poland’s energy transition.
Price Performance
Shares of Equinor have outperformed the industry in the past three months. The stock has gained 3% against the industry’s 1.2% decline.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Equinor currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Seadrill Limited (SDRL - Free Report) , Evolution Petroleum Corporation (EPM - Free Report) and PHX Minerals Inc. (PHX - Free Report) . SDRL and EPM currently sport a Zacks Rank of 1 (Strong Buy), and PHX carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, beating the Zacks Consensus Estimate of earnings of 55 cents per share.
Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for SDRL’s 2023 and 2024 earnings is pegged at $2.93 per share and $4.01 per share, respectively.
Evolution Petroleum is an independent energy company. EPM reported first-quarter 2023 earnings of 42 cents per share, beating the Zacks Consensus Estimate of earnings of 17 cents per share.
Evolution Petroleum has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for EPM’s 2023 and 2024 earnings is pegged at $1.11 and $1.05 per share, respectively.
PHX Minerals is an oil and natural gas mineral company. The company posted first-quarter 2023 earnings of 11 cents per share, beating the Zacks Consensus Estimate of earnings of 7 cents per share.
PHX has witnessed upward earnings estimate revisions for 2024 in the past 60 days. The consensus estimate for the company’s 2023 and 2024 earnings per share is pegged at 28 cents and 45 cents, respectively.