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DuPont (DD) Inks Deal With NextEra for 135MW of Clean Wind Energy
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DuPont de Nemours, Inc. (DD - Free Report) recently announced that it has signed a virtual power purchase agreement (VPPA) with a subsidiary of NextEra Energy Resources, LLC, which will build, own, and operate the new wind project. The agreement is in sync with DuPont's goal of Acting on Climate, per which it is committed to reducing absolute greenhouse gas emissions by 30% and sourcing 60% of electricity from renewable energy by 2030 as well as achieving carbon neutrality by 2050.
The new Appaloosa Run Wind project will be built in Upton County, TX and will be operational by the end of 2022. Per the VPPA, an equivalent of 135 megawatts of new wind power capacity or roughly 528,000 megawatt hours of renewable electricity will be generated annually. The amount of clean energy generated can nullify the carbon emissions from more than 81,000 passenger cars driven or the electricity consumption of nearly 70,000 homes, annually.
DuPont is actively engaged in accelerating the transition to renewable sources in the United States. Its energy-saving initiatives include the deployment of energy efficiency projects, sourcing low-carbon power, heating and cooling, creating low-carbon industrial processes, and incorporating the climate risks while making decisions. It has made significant progress toward its goals, allowing the conversion of utility supply at its largest manufacturing site to a low carbon source in the fourth quarter of 2019. Apart from this, it has completed nearly 100 energy savings projects in 2020 and reduced greenhouse emissions by 11% from the 2019 levels. It has also launched Styrofoam insulation options that have reduced global warming potential.
The company noted that the VPPA along with the actions taken last year will enable it to source roughly 25% of its total electricity needs from renewable sources. Also, this is another vital step in its plans of empowering the world with more sustainable solutions.
Shares of DuPont have rallied 29.1% in a year compared with the industry’s rise of 27.6%. The estimated earnings growth rate for the company for the current year is 27.1%.
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DuPont (DD) Inks Deal With NextEra for 135MW of Clean Wind Energy
DuPont de Nemours, Inc. (DD - Free Report) recently announced that it has signed a virtual power purchase agreement (VPPA) with a subsidiary of NextEra Energy Resources, LLC, which will build, own, and operate the new wind project. The agreement is in sync with DuPont's goal of Acting on Climate, per which it is committed to reducing absolute greenhouse gas emissions by 30% and sourcing 60% of electricity from renewable energy by 2030 as well as achieving carbon neutrality by 2050.
The new Appaloosa Run Wind project will be built in Upton County, TX and will be operational by the end of 2022. Per the VPPA, an equivalent of 135 megawatts of new wind power capacity or roughly 528,000 megawatt hours of renewable electricity will be generated annually. The amount of clean energy generated can nullify the carbon emissions from more than 81,000 passenger cars driven or the electricity consumption of nearly 70,000 homes, annually.
DuPont is actively engaged in accelerating the transition to renewable sources in the United States. Its energy-saving initiatives include the deployment of energy efficiency projects, sourcing low-carbon power, heating and cooling, creating low-carbon industrial processes, and incorporating the climate risks while making decisions. It has made significant progress toward its goals, allowing the conversion of utility supply at its largest manufacturing site to a low carbon source in the fourth quarter of 2019. Apart from this, it has completed nearly 100 energy savings projects in 2020 and reduced greenhouse emissions by 11% from the 2019 levels. It has also launched Styrofoam insulation options that have reduced global warming potential.
The company noted that the VPPA along with the actions taken last year will enable it to source roughly 25% of its total electricity needs from renewable sources. Also, this is another vital step in its plans of empowering the world with more sustainable solutions.
Shares of DuPont have rallied 29.1% in a year compared with the industry’s rise of 27.6%. The estimated earnings growth rate for the company for the current year is 27.1%.
Zacks Ranks & Stocks to Consider
Currently, DuPont has a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Avient Corporation (AVNT - Free Report) , Methanex Corporation (MEOH - Free Report) , each flaunting a Zacks Rank #1 (Strong Buy), and The Chemours Company (CC - Free Report) carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Avient has a projected earnings growth rate of 75.1% for the current year. The company’s shares have surged 73.9% in a year.
Methanex has a projected earnings growth rate of 422.8% for the current year. The company’s shares have climbed 91.5% in a year.
Chemours has a projected earnings growth rate of 86.4% for the current year. The company’s shares have rallied 38.7% in a year.