Eni's (E) Plenitude Initiates Solar Power Project in Kazakhstan
Eni SpA’s E renewable energy subsidiary, Plenitude, initiated a 50-megawatt solar power project in the Turkistan region of Kazakhstan.
This marks Eni’s third renewable project in the country, demonstrating its commitment to sustainable energy initiatives in the region.
Named Shaulder, the project represents a significant milestone for Plenitude. Covering an area of 100 hectares, the Shaulder solar power facility employs cutting-edge renewable energy technology.
With more than 93,000 solar panels in operation, the facility is expected to produce more than 90 gigawatt-hours of electricity per year. This substantial capacity will greatly enhance the region’s renewable energy supply, reducing fossil fuel dependence.
The Shaulder solar project is a significant move toward Kazakhstan’s energy transition and carbon neutrality goals. Through its production of clean and renewable energy, the project aids in lowering the nation's carbon emissions and supports global initiatives to combat climate change.
This project signifies a substantial investment in Kazakhstan’s renewable energy sector, fostering job creation and economic growth in the area. It also underscores Plenitude and Eni's dedication to sustainability and both companies’ pivotal role in advancing the worldwide shift toward cleaner energy sources.
In addition to the company’s previous inauguration of the Badamsha-1 and Badamsha-2 wind farms in 2020 and 2022, the latest project will further bolster Kazakhstan’s ongoing energy transition efforts and carbon neutrality objectives.
Eni spearheads the energy transition by committing to carbon neutrality by 2050, driven by investor and environmental pressure to combat climate change. The major integrated energy company relies on expanding renewable energy production.
The Shaulder solar project launch emphasizes Eni’s commitment to renewables and its leadership in the global energy transition. By persistently investing and advancing renewable energy projects worldwide, the company demonstrates its commitment to shaping a sustainable future and aiding global initiatives to tackle climate change.
Price Performance
Shares of Eni have outperformed the industry in the past six months. The stock has gained 18.3% compared with the industry’s 9% growth.
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Zacks Rank & Stocks to Consider
Eni currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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Pioneer has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for PXD’s 2023 and 2024 earnings per share is pegged at $20.60 and $24.20, respectively.
SM Energy Company SM is an independent oil and gas company that explores, exploits, develops, acquires and produces oil and gas in North America. SM's strong cash generation places it in a better financial position, allowing for investments in dividends, debt reduction and future growth.
SM Energy has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for SM’s 2023 and 2024 earnings per share is pegged at $5.66 and $6.81, respectively.
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