Eni SPA’s E, through its Plenitude retail and renewable business, formed a partnership with Infrastrutture SpA to develop solar and wind power projects in Italy and Spain.
Per the deal, Plenitude will acquire a 65% stake in energy developer and investor Infrastrutture’s subsidiary Hergo Renewables. Infrastrutture will hold the rest. Hergo Renewables holds a portfolio of projects in the two Mediterranean countries, with a total capacity of 1.5 gigawatts (GW).
The first project involves a photovoltaic facility in Italy’s Montalto di Castro, with a capacity of 37 megawatts. The project’s work will begin in the coming weeks. The facility will likely be up and running in the second half of 2023.
The partnership will enhance Infrastrutture’s proficiency and portfolio of projects built over its 30 years of industry experience in Italy and Spain. It will contribute to deploying renewable projects to fight against climate change.
Eni witnessed extensive investor interest in Plenitude and gained crucial support for its strategy. Plenitude aims to achieve carbon neutrality by 2040 and supply fully decarbonized energy for its customers. It intends to reach more than 2 GW of installed capacity from renewable sources by 2022-end, expanding to more than 6 GW by 2025 and more than 15 GW by 2030.
The projects will decarbonize the electricity sector in Italy and Spain and contribute to the energy transition process initiated by Eni. The partnership will introduce a key development platform to Eni’s portfolio to boost its ability energy generation capabilities from renewable sources. Notably, developing the wind and photovoltaic sectors is crucial to its growth strategy.
Headquartered in Rome, Italy, Eni is one of the leading integrated energy players in the world.
Zacks Rank & Other Stocks to Consider
Eni currently carries a Zack Rank #2 (Buy).
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.
Canadian Natural Resources Limited CNQ is one of Canada’s largest independent energy companies that explores, develops and produces oil and natural gas. CNQ declared a special cash dividend on its common shares of C$1.50 per share recently, reflecting strength in its cash flows.
Canadian Natural Resources witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth and B for Value and Momentum. CNQ is expected to see earnings growth of 83.4% in 2022.
Murphy USA Inc. MUSA is a leading independent retailer of motor fuel and convenience merchandise in the United States. MUSA remains committed to returning excess cash to its shareholders through continued share buyback programs. The fuel retailer approved a repurchase authorization of up to $1 billion, which will commence once the existing $500-million authorization expires and be completed by Dec 31, 2026.
Murphy USA witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of B for Value and Growth. MUSA is expected to see an earnings surge of 61.5% in 2022.
RPC Inc. RES is among the leading providers of advanced oilfield services and equipment to almost all prospective oil and gas shale plays in the United States. With no debt load, RPC had cash and cash equivalents of $78.2 million at the second quarter-end. This reflects the company’s strong balance sheet position, which provides it with massive financial flexibility.
RPC witnessed upward earnings estimate revisions for 2022 and 2023 in the past 60 days. The company has a Zacks Style Score of A for Growth and Momentum. RES is expected to see earnings growth of 1,733.3% in 2022.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Eni SpA (E) : Free Stock Analysis Report
Canadian Natural Resources Limited (CNQ) : Free Stock Analysis Report
Murphy USA Inc. (MUSA) : Free Stock Analysis Report
RPC, Inc. (RES) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research