Dominion Energy
D
announced that its subsidiary has acquired the 150-megawatt (MW) Hardin solar generating facility, which recently entered into commercial service, from Invenergy in Ohio.
Facebook
FB
will take the entire clean energy produced from this site and the renewable energy credits, under a long-term agreement signed prior to the project’s construction.
This deal is in line with Facebook’s goal of supporting operation through 100% renewable energy. Additionally, the long-term power purchase agreement will boost Dominion’s earnings.
Transition in Energy Space
A clear transition is evident in the U.S. utility space, with utilities chalking out plans to achieve net-zero greenhouse gas emissions across their electricity generation operations. The utilities are planning to achieve the target by investing in renewable energy, other alternate clean energy sources and natural gas; developing large battery storage units as well as taking an aggressive stance in shutting down coal-based power generation units.
Dominion, through systematic investment in clean power generation operation, has already reduced carbon emissions by more than 50% in the past 10-15 years and aims to achieve net-zero emissions by 2050. The company already has more than 2,200 MW solar units in operation in nine states and another 3,500 MW solar capacity in the development stage. Dominion is also developing the 2,640-MW offshore wind project in Virginia and plans to invest $3.5 billion in this project within the 2020-2024 time frame.
Other utilities like
Xcel Energy
XEL
and
DTE Energy
DTE
have already chalked out plans to achieve net-zero emissions by 2050.
Zacks Rank & Price Performance
Dominion has a Zacks Rank #4 (Sell).
You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
In the past year, its shares have lost 15.6% compared with the
industry
’s 10% decline.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
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