TC Energy (TRP), EDP Ink PPA for a 297 MW wind farm in Alberta – September 23, 2021
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TC Energy Corporation (TRP – Free Report) has entered into a 15-year Power Purchase Agreement (PPA) with a subsidiary of the renewable energy company EDP Renewables SA for 100% of the output from the Sharp Hills wind farm in Alberta. Subject to customary regulatory approvals and restrictions, the PPA will allow for the continued development, final construction and operation of the wind farm.
Located in the municipality of Special Areas near the hamlets of Sedalia and New Bridgen, in the province of Alberta, the 297 megawatt (MW) Sharp Hills wind farm is expected to be operational in 2023.
Around 300 jobs will be created during the construction of the wind farm and 15 to 20 permanent local positions will be created during the operating life of the project. The Sharp Hills Wind Farm will also conserve approximately two billion liters of water each year and generate enough electricity to power the equivalent of more than 164,000 typical Alberta households.
TC Energy, based in Calgary, Alta., Will obtain the rights to all environmental features in addition to the electricity produced by the Sharp Hills wind farm. The company is dedicated to developing solutions for a sustainable energy future and its investment in the Sharp Hills Wind Farm is helping it achieve its goal of defining and delivering substantial advancements to the energy sector as a whole.
The pact, which is Alberta’s largest wind power purchase agreement, is a giant step forward in expanding TC Energy’s renewable energy portfolio. This wind project, along with previous agreements in East Strathmore and Claresholm, enables the company to provide a wide range of sustainable energy alternatives to Albertans.
Company Profile and Price Performance
TC Energy is one of the leading providers of intermediate energy services focused on natural gas. The company is involved in other activities including power generation, natural gas storage and crude oil pipelines.
The company’s shares have outperformed the industry over the past month. The stock gained 4.3% compared to the industry’s 0.7% growth.
Image source: Zacks Investment Research
Zacks ranking and actions to take into account
TC Energy currently holds a Zack Rank # 3 (Hold). Some better ranked players in the energy field are Limited Canadian natural resources (CNQ – Free report), Whiting Oil Company (CMU – Free report) and Continental Resources, Inc. (CLR – Free Report), each currently sporting a Rank 1 Zacks (strong buy). You can see The full list of today’s Zacks # 1 Rank stocks here.
Over the past 60 days, Zacks’ consensus estimate for Canadian Natural’s earnings in 2021 has been increased by 14.7%, while the same for Whiting Petroleum and Continental has been moved by 52.8% and 52.7% to the north, respectively.
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