A subsidiary company of Eni SpA (E - Free Report) —Eni New Energy SpA—has begun the construction of a photovoltaic plant after the Region of Sardinia sanctioned the building and operation of the project.
To beset up in Porto Torres, the photovoltaic plant is expected to have a peak installed capacity of 31 megawatts (MW). The place is considered as a Site of National Interest.The industrial area is being redeveloped by Syndial, a company owned by Eni that provides environmental remediation projects as part of a broader environmental reclamation project.
About 51 gigawatt hours (GWh), which accounts for 70% of the energy produced each year,will be used by the companies operating at the industrial site. This will reduce annual CO2 emissions by about 26,000 tons.
Therefore, the project will help in attaining the objectives defined in Italy’s Regional Energy Plan and in the National Energy Strategy in view of decarburization and the amount of renewable energy in the mix.
A term has been prepared by Eni and the City of Porto Torresin agreement with the relevant local institutions,to execute any intrusion in the area that impact energy efficiency and environmental sustainability.
The Progetto Italia initiative was initiated by Eni in 2016 and is anticipated to be completed by the end of 2019. The Porto Torres photovoltaic project is part of this initiative.
This represents the second plant to be constructed in Eni-owned industrial areas in Sardinia. The Assemini plant (26 MW) was the first facility to be completed in 2018.
Zacks Rank & Key Picks
Eni carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector can opt for some better-ranked stocks as given below.
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