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Eni's (E) Plentitude Collaborates With BlueFloat-Sener JV
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Eni SpA (E - Free Report) -owned Plentitude has joined forces with BlueFloat Energy and Sener Renewable Investments for the development of wind projects offshore Spain. The consortium formed by the three companies boasts a combined portfolio ofapproximately 1.25 GW of floating offshore wind projects across Galicia, Catalonia and the Canary Islands.
The joint venture of BlueFloat Energy and Sener Renewable Investments has a unique portfolio development approach similar to Plenitude, which takes into account careful environmental and social considerations in the project designs. The projects are then embedded into local communities. The agreement demonstrates the shared commitment of Plenitude, BlueFloat and Sener Renewable Investments to expand in the offshore wind energy sector in Spain and promote sustainability while focusing on local communities and social and economic benefits.
Plenitude operates across 15 countries. In Spain, Plenitude currently manages 430 MW of operating solar PV and onshore wind power. Alongside, it also has 1 GW of projects under construction and more than 2 GW is still in the development phase. The company also manages electric car charging points that serve more than 300 thousand customers in the country.
Plenitude boasts an impressive portfolio of nearly 3 GW of renewable capacity in operation. The company has an expansion target of 7 GW capacity, expected by 2026, and more than 15 GW expected by 2030.
According to Plenitude, this agreement will allow the company to enhance its offshore wind portfolio while aiding the country’s transition toward cleaner energy solutions. Plenitude’s growth in the renewables sector is crucial to its goal of achieving carbon neutrality by 2040.
Per BlueFloat Energy’s statement, the deal complements BlueFloat’s expertise in offshore wind projects by leveraging Plenitude’s proven success in developing and executing renewablesenergy projects, financial strength and strong technical capabilities, along with Sener’s engineering proficiency.
Sener commented on the shared commitment of the three companies to implement offshore wind projects in Spain in a sustainable manner, focusing on integrating them at the local as well as regional level. The collaboration with Plentitude affirms this commitment.
Zacks Rank and Key Picks
Eni, a leading energy company based out of Italy, is involved in upstream operations. Currently, it carries a Zacks Rank #3 (Hold).
Investors might want to look at some better-ranked stocks in the energy sector, such as Vaalco Energy (EGY - Free Report) , Oceaneering International (OII - Free Report) and Enbridge (ENB - Free Report) . While Sunoco and Oceaneering International currently sport a Zacks Rank #1 (Strong Buy) each, Enbridge holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Vaalco Energy is an independent energy company involved in upstream operation business with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
Oceaneering International is a market-leading supplier of offshore equipment and technology solutions to the energy industry. The company has projected an increase in free cash flows for 2024. The bright outlook is supported by the growing market demand for its mobile robotic forklifts and underride vehicles.
Enbridge is an energy infrastructure company with a diversified portfolio of midstream assets. With a huge network of transportation and storage assets, the company derives stable fee-based revenues.
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Eni's (E) Plentitude Collaborates With BlueFloat-Sener JV
Eni SpA (E - Free Report) -owned Plentitude has joined forces with BlueFloat Energy and Sener Renewable Investments for the development of wind projects offshore Spain. The consortium formed by the three companies boasts a combined portfolio ofapproximately 1.25 GW of floating offshore wind projects across Galicia, Catalonia and the Canary Islands.
The joint venture of BlueFloat Energy and Sener Renewable Investments has a unique portfolio development approach similar to Plenitude, which takes into account careful environmental and social considerations in the project designs. The projects are then embedded into local communities. The agreement demonstrates the shared commitment of Plenitude, BlueFloat and Sener Renewable Investments to expand in the offshore wind energy sector in Spain and promote sustainability while focusing on local communities and social and economic benefits.
Plenitude operates across 15 countries. In Spain, Plenitude currently manages 430 MW of operating solar PV and onshore wind power. Alongside, it also has 1 GW of projects under construction and more than 2 GW is still in the development phase. The company also manages electric car charging points that serve more than 300 thousand customers in the country.
Plenitude boasts an impressive portfolio of nearly 3 GW of renewable capacity in operation. The company has an expansion target of 7 GW capacity, expected by 2026, and more than 15 GW expected by 2030.
According to Plenitude, this agreement will allow the company to enhance its offshore wind portfolio while aiding the country’s transition toward cleaner energy solutions. Plenitude’s growth in the renewables sector is crucial to its goal of achieving carbon neutrality by 2040.
Per BlueFloat Energy’s statement, the deal complements BlueFloat’s expertise in offshore wind projects by leveraging Plenitude’s proven success in developing and executing renewablesenergy projects, financial strength and strong technical capabilities, along with Sener’s engineering proficiency.
Sener commented on the shared commitment of the three companies to implement offshore wind projects in Spain in a sustainable manner, focusing on integrating them at the local as well as regional level. The collaboration with Plentitude affirms this commitment.
Zacks Rank and Key Picks
Eni, a leading energy company based out of Italy, is involved in upstream operations. Currently, it carries a Zacks Rank #3 (Hold).
Investors might want to look at some better-ranked stocks in the energy sector, such as Vaalco Energy (EGY - Free Report) , Oceaneering International (OII - Free Report) and Enbridge (ENB - Free Report) . While Sunoco and Oceaneering International currently sport a Zacks Rank #1 (Strong Buy) each, Enbridge holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Vaalco Energy is an independent energy company involved in upstream operation business with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
Oceaneering International is a market-leading supplier of offshore equipment and technology solutions to the energy industry. The company has projected an increase in free cash flows for 2024. The bright outlook is supported by the growing market demand for its mobile robotic forklifts and underride vehicles.
Enbridge is an energy infrastructure company with a diversified portfolio of midstream assets. With a huge network of transportation and storage assets, the company derives stable fee-based revenues.