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Eni Buys 3 Onshore Wind Farms in Italy to Cut Carbon Emission

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Eni SpA (E - Free Report) announced the purchase of three onshore wind projects in Italy. Notably, the value of the initial transaction has not been disclosed.

Through its affiliate, Eni New Energy, the integrated energy firm has purchased 100% interest in CDGB Enrico, CDGB Laerte and Wind Park Laterza from Asja Ambiente Italia. The company expects the three projects to produce 35.2 megawatts (MW) of power at peak capacity. Eni also anticipates the developments — to be constructed in Comune di Laterza, in the Puglia area — to produce roughly 81 Gigawatt hours (GWh) of power every year. Thus, the energy major expects these wind projects to help eliminate emissions of 33,400 tons of CO2 every year.  

Investors should know that the company expects the construction of the plants to commence by the third trimester of 2021. Importantly, this is the first time that the energy giant will be producing energy from wind projects in Italy. With this acquisition, Eni has made significant progress in its decarbonization process and estimates this to reduce its net emissions of greenhouse gases by 80% by 2050.

Notably, the integrated player revealed its aim of transforming the firm completely so that it will be able to sell decarbonized products. Thus, emissions will reduce and not concern the end customers further. Other energy majors that also produce renewable power through interests in onshore wind projects are BP plc (BP - Free Report) and Royal Dutch Shell plc (RDS.A - Free Report) .

Currently, Eni carries a Zacks Rank #3 (Hold). A better-ranked player in the energy sector is Murphy USA Inc. (MUSA - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Murphy USA is likely to see earnings growth of 7% in the next five years.

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