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Eni (E) JV Signs Deal to Develop Photovoltaic Projects in Italy
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Eni SPA’s (E - Free Report) renewable energy joint venture (JV), GreenIT, entered an agreement with Hive Energy and SunLeonard Energy to develop four photovoltaic projects in Italy.
The projects will be developed in the central and southern regions of Lazio, Apulia and Sicily. The new sites will have a total capacity of up to 200 megawatts.
The U.K.-based Hive Energy will advance the projects to a ready-to-build stage in the coming months. Following this, the projects will be assumed by GreenIT to be developed and maintained.
The new sites will be developed using the agrivoltaic technology, which is already being used in Italy. The solar panel structures will be installed on arable land and elevated above the ground level to achieve synergies between agriculture and the production of renewable energy.
Following the establishment, the agrivoltaic parks are expected to satisfy the power requirements of around 150,000 households. This will contribute to the decarbonization targets presented in the 2030 National Integrated Energy and Climate Plan.
There has been a growing urgency regarding the transition to solar energy in the fight against greenhouse gas emissions. As the world shifts toward renewable energy sources, solar power has emerged as a leading player. Over the past few years, shares of solar energy in new electricity-generating capacity increased significantly.
The latest initiative aligns well with GreenIT’s strategy, which involves the development and construction of plants in virgin areas, both in offshore areas in the oceans and in flat areas. The company aims to implement projects that have already been authorized and repower existing operating plants to increase production capacity.
Price Performance
Shares of Eni have outperformed the industry in the past year. The stock has gained 31% compared with the industry’s 23% growth.
One of the leading suppliers of integrated technology solutions, Oceaneering boasts an impressive portfolio of diversified products and services. OII has a Zacks Style Score of A for Momentum and B for Growth.
Oceaneering has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for OII’s 2023 and 2024 earnings per share is pegged at $1.12 and $1.29, respectively.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, beating the Zacks Consensus Estimate of earnings of 55 cents per share.
Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for SDRL’s 2023 and 2024 earnings per share is pegged at $2.93 and $4.01, respectively.
Evolution Petroleum is an independent energy company. EPM reported first-quarter 2023 earnings of 42 cents per share, beating the Zacks Consensus Estimate of earnings of 17 cents.
Evolution Petroleum has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for EPM’s 2023 and 2024 earnings is pegged at $1.11 per share and $1.05 per share, respectively.
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Eni (E) JV Signs Deal to Develop Photovoltaic Projects in Italy
Eni SPA’s (E - Free Report) renewable energy joint venture (JV), GreenIT, entered an agreement with Hive Energy and SunLeonard Energy to develop four photovoltaic projects in Italy.
The projects will be developed in the central and southern regions of Lazio, Apulia and Sicily. The new sites will have a total capacity of up to 200 megawatts.
The U.K.-based Hive Energy will advance the projects to a ready-to-build stage in the coming months. Following this, the projects will be assumed by GreenIT to be developed and maintained.
The new sites will be developed using the agrivoltaic technology, which is already being used in Italy. The solar panel structures will be installed on arable land and elevated above the ground level to achieve synergies between agriculture and the production of renewable energy.
Following the establishment, the agrivoltaic parks are expected to satisfy the power requirements of around 150,000 households. This will contribute to the decarbonization targets presented in the 2030 National Integrated Energy and Climate Plan.
There has been a growing urgency regarding the transition to solar energy in the fight against greenhouse gas emissions. As the world shifts toward renewable energy sources, solar power has emerged as a leading player. Over the past few years, shares of solar energy in new electricity-generating capacity increased significantly.
The latest initiative aligns well with GreenIT’s strategy, which involves the development and construction of plants in virgin areas, both in offshore areas in the oceans and in flat areas. The company aims to implement projects that have already been authorized and repower existing operating plants to increase production capacity.
Price Performance
Shares of Eni have outperformed the industry in the past year. The stock has gained 31% compared with the industry’s 23% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Eni currently carries a Zack Rank #4 (Sell).
Some better-ranked players in the energy space are Oceaneering International, Inc. (OII - Free Report) , Seadrill Limited (SDRL - Free Report) and Evolution Petroleum Corporation (EPM - Free Report) , currently sporting a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
One of the leading suppliers of integrated technology solutions, Oceaneering boasts an impressive portfolio of diversified products and services. OII has a Zacks Style Score of A for Momentum and B for Growth.
Oceaneering has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for OII’s 2023 and 2024 earnings per share is pegged at $1.12 and $1.29, respectively.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, beating the Zacks Consensus Estimate of earnings of 55 cents per share.
Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for SDRL’s 2023 and 2024 earnings per share is pegged at $2.93 and $4.01, respectively.
Evolution Petroleum is an independent energy company. EPM reported first-quarter 2023 earnings of 42 cents per share, beating the Zacks Consensus Estimate of earnings of 17 cents.
Evolution Petroleum has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for EPM’s 2023 and 2024 earnings is pegged at $1.11 per share and $1.05 per share, respectively.