Eni (E)-Falck Renewables to Buy Savion's Virginia Solar Project
Eni SpA E announced that along with Falck Renewables SpA, it has signed an accord with renewable energy company Savion to buy a solar project in Virginia. The transaction value has not been specified.
Through the joint venture of Eni and Falck Renewables, named Novis Renewables Holdings LLC, the companies intend to invest $35 million on constructing and developing the 30-megawatt (MW) Westmoreland Solar development. Eni expects the project to generate sufficient clean energy that will reduce annual carbon dioxide emissions by more than 33,000 tonnes.
It is to be noted that Eni expects the acquisition to close by November-end and the solar development to commence commercial operations by the third quarter of 2021. Overall, the accord signifies Eni’s strong focus on renewable energy since it has been a challenge for energy companies to supply sustainable cleaner energy and combat climate change. Thus, Eni is focused to create long-term value for shareholders while capitalizing on the energy transition.
Headquartered in Rome, Italy, Eni currently carries a Zacks Rank #3 (Hold). Meanwhile, better-ranked players in the energy space include PDC Energy Inc. PDCE, Matador Resources Company MTDR and Antero Resources Corporation AR. While PDC Energy sports a Zacks Rank #1 (Strong Buy), Matador and Antero carry a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
Eni SpA Price
Eni SpA price | Eni SpA Quote
PDC Energy is likely to see earnings growth of 13.3% in 2020.
Matador has seen upward estimate revisions for its 2020 bottom line in the past 30 days.
Anterohas seen upward estimate revisions for 2020 bottom line in the past 30 days.
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