Equinor (EQNR) to bid for more offshore wind farms in Scotland – July 20, 2021
[ad_1]
Equinor ASA (EQNR – Free Report) recently announced that it has submitted an offer as part of an offshore wind lease cycle in Scotland, named ScotWind. The company hopes to win large floating offshore wind projects, as nearly half of the sites are eligible for such operations.
Bidding on ScotWind is in line with Equinor’s plan to expand its presence in the UK. It also intends to continue developing its offshore wind cluster in the North Sea. The company has experience in similar projects in the region. His Hywind Scotland farm off the coast of North East Scotland, which started in 2017, was a milestone in renewable sources. The company expects the development of large-scale wind clusters to generate long-term value for shareholders.
It currently powers 750,000 homes in the UK, which is generated from three offshore wind farms. He further intends to bring Hywind Tampen online next year, which is currently under construction. Equinor plans to help the Scottish government meet its ambitious goal of achieving net zero emissions by 2045. The government intends to create 11 gigawatt offshore wind capacity by 2030.
At the start of last week, another European energy major, Eni SPA (E – Free Report) announced that it has partnered with Scottish offshore wind energy developer Red Rock Power Limited to make an offer as part of the Scottish offshore wind lease cycle. In the same vein, the French energy major TotalEnergies SE (TTE – Free Report) joined a consortium called Offshore Wind Power Ltd last month to bid in ScotWind. The deadline for submitting bids was July 16.
Price return
Shares of the company gained 24.9% from the industry’s 22.4% growth last year.
Image source: Zacks Investment Research
Zacks Rank and another stock to consider
Equinor currently sports a Rank 1 of Zacks (strong buy). Another leading title in the field of energy is Magellan Midstream Partners, LP (MMP – Free Report), currently having a Zacks Rank # 2 (Buy). You can see The full list of today’s Zacks # 1 Rank stocks here.
Magellan Midstream’s net income for 2021 is expected to grow 7.2% year-over-year.
[ad_2]