Yahoo Finance Southern Co. (SO), Novelis Partner to Build Two Solar Plants
Southern Co.’s SO subsidiary, Alabama Power, a leading electric utility company in the United States, and Novelis, a global leader in aluminum solutions, announced a partnership to build two new solar power plants in Alabama with a combined capacity of 80 megawatts (MW).
The solar plants will be located in Alabama and provide renewable energy to Novelis' new aluminum recycling plant in Bay Minette, which is currently under construction. The plant will have an annual capacity of 600 kilotons of finished goods.
The partnership is a significant step toward the decarbonization of the industrial sector in the United States. The aluminum industry is a major source of greenhouse gas emissions, and Novelis is committed to reducing its carbon footprint.
The new solar plants will help Novelis achieve its goal of being carbon neutral by 2050 or sooner. These are expected to generate enough clean energy to power more than half of the Bay Minette facility's renewable energy needs. This will help Novelis reduce its reliance on fossil fuels and save money on energy costs. In addition to the solar plants, Southern Co. and Novelis are also exploring other projects to reduce the latter’s carbon emissions, including carbon capture, energy storage, etc.
In conclusion, the partnership between SO and Novelis is a win-win for both companies and the environment. The solar plants will help Novelis reduce its carbon emissions, save money on energy costs and create jobs. The partnership is also exploring new technologies to reduce carbon emissions, which could benefit other businesses and industries. It is a model for how the utility and industrial sectors can work together to reduce greenhouse gas emissions and create a more sustainable future.
Zacks Rank and Key Picks
SO is an American utility firm that provides electricity to customers across Southern United States. It is one of the country's largest energy companies, focusing on clean energy and sustainability. Currently, SO carries a Zacks Rank #3 (Hold).
Investors interested in the utility sector might look at some other top-ranked stocks like Consolidated Water CWCO, Centrica CPYYY and Otter Tail OTTR, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Consolidated Water is worth approximately $472.29 million. It currently pays dividends of 38 cents per share or 1.27% on an annual basis.
CECO develops and operates seawater desalination plants and water distribution systems in scarce or nonexistent water sources, targeting tourist properties. The company operates through its Retail, Bulk, Services and Manufacturing segments.
Centrica is worth approximately $10.56 billion. It currently pays dividends of 12 cents per share or 1.54% on an annual basis.
CPYYY, a leading FTSE100 company, operates in the U.K., North America and Europe, providing gas and electricity to millions of homes and businesses, offering a variety of home energy solutions and low-carbon products and services.
Otter Tail is valued at around $3.11 billion. In the past year, its shares have risen 17.3%.
OTTR, a company primarily focused on electric energy production, transmission, distribution and sale, also operates in Health Services Operations and Diversified Operations through its subsidiaries.
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Southern Company (The) (SO) : Free Stock Analysis Report
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