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Eni's (E) Plenitude Secures 80% Stake in US Solar Farm Trio
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Eni SpA’s (E - Free Report) renewables arm, Plenitude, has taken a significant step in expanding its U.S. solar portfolio with the acquisition of an 80% stake in three solar photovoltaic plants. The deal, announced on Wednesday, involves the purchase from EDP Renewables and encompasses the Timber Road and Blue Harvest solar farms in Ohio, along with the Cattlemen plant in Texas, covering a vast expanse of 1,500 hectares.
Plenitude's share in this venture amounts to an impressive 272 megawatt alternating current (MWac) out of the total 340 MWac installed capacity across the three solar farms. These strategic additions are expected to contribute more than 800 MW hours/year of clean power to the U.S. energy grid.
The move aligns with Plenitude's ambition to achieve 1.2 gigawatts (GW) of installed capacity in the United States, contributing to its global target of 7 GW by 2026. Stefano Goberti, the CEO of Plenitude, expressed the company's satisfaction with the agreement, emphasizing the positive impact on their overall capacity and the advancement of clean energy goals.
While the financial details of the transaction were not disclosed by Plenitude, EDP Renewables revealed last week that the enterprise value for the 80% stake is estimated at $400 million.
For EDP Renewables, this transaction is part of its 2023-2026 asset rotation program, progressing at more than 25% completion, according to CEO Miguel Stilwell d'Andrade. The deal underscores both companies' commitment to adapting and evolving within the rapidly changing landscape of the renewable energy sector.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
SUN’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 28.33%.
The Williams Companies is well-positioned to capitalize on the anticipated substantial long-term growth in U.S. natural gas demand due to its impressive portfolio of large-scale projects that create significant value. The company’s debt maturity profile is in good shape, with its $4.5-billion revolver maturing in fiscal 2023.
WMB’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.68%.
Enbridge has an extensive oil and liquid pipeline system that spreads across 17,809 miles. A significant portion of the midstream operator’s earnings is generated from transportation operations, driven by a string of long-term contracts. ENB anticipates substantial cash flows from recently completed midstream projects.
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Eni's (E) Plenitude Secures 80% Stake in US Solar Farm Trio
Eni SpA’s (E - Free Report) renewables arm, Plenitude, has taken a significant step in expanding its U.S. solar portfolio with the acquisition of an 80% stake in three solar photovoltaic plants. The deal, announced on Wednesday, involves the purchase from EDP Renewables and encompasses the Timber Road and Blue Harvest solar farms in Ohio, along with the Cattlemen plant in Texas, covering a vast expanse of 1,500 hectares.
Plenitude's share in this venture amounts to an impressive 272 megawatt alternating current (MWac) out of the total 340 MWac installed capacity across the three solar farms. These strategic additions are expected to contribute more than 800 MW hours/year of clean power to the U.S. energy grid.
The move aligns with Plenitude's ambition to achieve 1.2 gigawatts (GW) of installed capacity in the United States, contributing to its global target of 7 GW by 2026. Stefano Goberti, the CEO of Plenitude, expressed the company's satisfaction with the agreement, emphasizing the positive impact on their overall capacity and the advancement of clean energy goals.
While the financial details of the transaction were not disclosed by Plenitude, EDP Renewables revealed last week that the enterprise value for the 80% stake is estimated at $400 million.
For EDP Renewables, this transaction is part of its 2023-2026 asset rotation program, progressing at more than 25% completion, according to CEO Miguel Stilwell d'Andrade. The deal underscores both companies' commitment to adapting and evolving within the rapidly changing landscape of the renewable energy sector.
Zacks Rank & Key Picks
E currently has a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Sunoco LP (SUN - Free Report) , The Williams Companies, Inc. (WMB - Free Report) and Enbridge Inc. (ENB - Free Report) . While Sunoco sports a Zacks Rank #1 (Strong Buy), Williams Companies and Enbridge each carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
SUN’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 28.33%.
The Williams Companies is well-positioned to capitalize on the anticipated substantial long-term growth in U.S. natural gas demand due to its impressive portfolio of large-scale projects that create significant value. The company’s debt maturity profile is in good shape, with its $4.5-billion revolver maturing in fiscal 2023.
WMB’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.68%.
Enbridge has an extensive oil and liquid pipeline system that spreads across 17,809 miles. A significant portion of the midstream operator’s earnings is generated from transportation operations, driven by a string of long-term contracts. ENB anticipates substantial cash flows from recently completed midstream projects.