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Enbridge (ENB) to Invest in Fox Squirrel Solar Project in Ohio

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Enbridge Inc. (ENB - Free Report) has entered into an agreement with EDF Renewables to engage in the construction and operation of the Fox Squirrel solar project.

The Fox Squirrel solar project is currently under construction in Madison County, OH. The ground-mounted solar facility, scheduled to be operational by the end of the year, is anticipated to produce 150 megawatts (MW) of energy in its initial phase.

The initiative is poised to become EDF Renewables’ most extensive onshore renewable project and Ohio’s largest solar complex. The project is being constructed in three phases and is designed to deliver up to 577 MW of renewable energy to the utility grid by the end of 2024.

Enbridge will invest $149 million for the initial phase and aims to make final investment decisions on subsequent phases throughout 2024, contingent upon the fulfillment of specific conditions. The project has secured 20-year fixed-price power purchase agreements with a robust investment-grade counterparty covering the entire generation capacity.

The latest partnership deepens Enbridge’s strategic ties with EDF Renewables and contributes to the sustainable growth of renewables in North America. The Fox Squirrel solar project is expected to positively impact the local communities, create job opportunities, increase tax revenues for Madison County and ultimately supply renewable energy to around 118,000 homes in Ohio.

Enbridge’s investment in the initial phase of the project underscores its dedication to fostering renewable energy expansion in North America. The project is anticipated to have an immediate positive impact on DCF per share and aligns seamlessly with the company’s growth projections and leadership in energy transition.

Zacks Rank & Stocks to Consider

Enbridge currently carries a Zack Rank #3 (Hold).

Investors interested in the energy sector might look at the following companies that presently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Oceaneering International, Inc. (OII - Free Report) reported third-quarter 2023 adjusted earnings of 38 cents per share, which beat the Zacks Consensus Estimate of earnings of 27 cents per share. OII’s outperformance was largely due to the robust results in certain segments.

For the fourth quarter of 2023, OII anticipates a decline in EBITDA on relatively flat revenues from that reported in the third quarter.

PBF Energy Inc. (PBF - Free Report) reported third-quarter 2023 earnings of $6.61 per share, beating the Zacks Consensus Estimate of earnings of $4.86 per share. Better-than-expected quarterly results were primarily driven by lower costs and expenses.

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For the fourth quarter of 2023, Matador expects an average daily oil equivalent production of 145,000 BOE. The recent guidance indicates a 2% upward revision from the prior mentioned 143,000 BOE/D.

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