Yahoo Finance Equinor (EQNR) Boosts Renewable Capacity With Lipno Solar Plant
Equinor ASA EQNR initiated test production at its third solar plant in Poland, named Lipno, significantly enhancing its onshore renewable energy capacity in the country to 200 megawatts (MW).
This development underscores Equinor’s strategic expansion in one of Europe’s fastest-growing renewable energy markets.
The 53-MW Lipno solar plant, situated in the Wielkopolskie province in central Poland, was developed and will be managed by Wento, a wholly-owned subsidiary of Equinor.
EQNR acquired Wento in 2021, along with its 1.6 GW pipeline of solar projects. Since the acquisition, Wento has evolved from a small-scale solar developer into a multi-tech power producer. It now operates three solar plants and one onshore wind park in Poland, achieving a total capacity of around 200 MW.
The combined annual production from Wento’s portfolio is estimated to be 280 GWh, which is sufficient to power about 140,000 Polish households. Equinor’s energy trading house, Danske Commodities, has signed a balancing agreement with the Lipno solar plant and will be responsible for commercializing the produced power in the Polish power market. Lipno is expected to yield returns in line with the prior guidance for renewables in Equinor.
Since the acquisition of Wento, Equinor has effectively doubled its project pipeline to more than 3 GW of opportunities at various stages of maturity. This pipeline now includes not only power generation but also battery storage projects, adding flexibility and enhancing value creation potential.
Poland is actively developing renewable energy to increase domestic power capacity and enhance energy security. For Wento and Equinor, this represents an exciting opportunity to be a leading player in a growing renewable energy market.
Equinor’s strategy in Poland includes a broad energy offering, diversifying generation sources and energy supplies. Beside onshore renewables, Equinor is involved in developing three large-scale offshore wind projects, Baltyk I, Baltyk II and Baltyk III, in collaboration with Polenergia. Additionally, Equinor supplies natural gas from the Norwegian Continental Shelf to Poland via the Baltic Pipe.
With these strategic initiatives, EQNR is well-positioned to contribute to Poland’s renewable energy goals and establish itself as a key player in the European renewable energy market.
Zacks Ranks & Stocks to Consider
Equinor currently carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like Archrock Inc. AROC, Sunoco LP SUN and Matador Resources Company MTDR, each currently sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
The Zacks Consensus Estimate for AROC’s 2024 and 2025 EPS is pegged at $1.07 and $1.23, respectively. The company has a Zacks Style Score of A for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes more than 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days. The company has a Zacks Style Score of A for Value and Growth.
Matador Resources’ upstream operations are primarily concentrated in the Delaware Basin, which is among the United States' most prolific oil and gas regions. The company has demonstrated a consistent upward trend in total production since 2019.
The Zacks Consensus Estimate for MTDR’s 2024 and 2025 EPS is pegged at $7.90 and $9.59, respectively. The company has a Zacks Style Score of A for Momentum and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
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