TOTAL S.A. (TOT - Free Report) announced that its unit, Total Solar International will start the construction of Miyagi Osato Solar Park, a large-scale solar plant of 52 megawatt-peak (MWp) located in Osato, Japan. This project is expected to start commercial operations from 2021 and take TOTAL’s power generation capability from solar sources to more than 100 MWp in Japan.
The project will utilize around 116,000 Maxeon high-efficiency solar panels from SunPower (SPWR) that deliver reliable performance for the lifetime of every installation. The latest solar plant, and the existing Miyako Solar Park and Nanao Power Plant make the company one of the most active operators in the Japanese solar market.
Focus on Clean Energy
The said project is in sync with Total’s commitment to develop renewable production capacities on a worldwide basis. The company's gross low-carbon power generation capacity on a worldwide basis stands at 7 gigawatts (GWs), of which contribution from renewable energies is more than 3 GW.
The company, taking into consideration the impact of climate change, is building a portfolio of low-carbon businesses that could account for 15-20% of sales by 2040.
In addition to TOTAL, oil and gas majors like Chevron Corporation (CVX - Free Report) ), BP Plc.(BP - Free Report) and Royal Dutch Shell Plc (RDS.A - Free Report) are going to invest heavily in the renewable energy space. These companies have committed to reduce carbon footprint over the next few years and made several acquisitions to expand in the clean energy space.
TOTAL’s shares have underperformed its industry in the last month.
TOTAL currently has a Zacks Rank #5 (Strong Sell).
You can see complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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