Released December 30, 2022 | SUGAR LAND
en
Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Texas, typically known for its oil and natural gas resources, can help a subsidiary of Italian energy company Eni SpA (Rome, Italy) reach its decarbonization goals by way of solar energy.
Plenitude, through U.S. subsidiary Eni New Energy U.S., acquired an 81-megawatt (MW) photovoltaic plant about 50 miles outside of the Dallas-Fort Worth metropolitan area.
Situated in a half-acre site, the addition brings Plenitude's total solar power capacity to 878 MW in the U.S. market alone.
"This operation represents an important step forward for the consolidation our company's position in the Texas and U.S. energy markets, and it will contribute to the energy transition process undertaken by Eni and to Plenitude's ambitious goals of achieving carbon neutrality by 2040 and supplying 100% decarbonized energy to all its customers," said Stefano Goberti, CEO of Plenitude.
The parent company, Eni, said it has "chosen" to take a key role in the energy transition by achieving carbon neutrality by 2050. Globally, the company had 1.1 gigawatts (GW) of installed renewable energy capacity last year, which it aims to bring to 6 GW by 2025 and to more than 15 GW by 2030.
Texas is home to a deep bench of oil and natural gas resources, hosting some of the most prolific shale basins in the country, if not the world. But it also boasts the largest wind-energy profile in the country, and solar power is not too far behind.
California currently has the most utility-scale solar power capacity, but Texas is catching up. The Solar Energy Industries Association (SEIA) puts Texas at the No. 2 spot for solar capacity as of the third quarter of 2022.
SEIA estimates the solar power sector employs just more than 10,000 people in Texas, accounts for about 5% of the state's total electricity, and represents investments of nearly $20 billion.
Prices associated with solar power installations, meanwhile, are down 50% over the last 10 years, and they are on pace to overtake California within the next five years.
And it's not necessarily the big energy companies that are doing much of the heavy lifting. A facility controlled by Anheuser-Busch (St. Louis, Missouri), a subsidiary of AB InBev (NYSE:BUD) (Leuven, Belgium) is among the largest in the state at 290 MW. SEIA estimates another 4 GW of solar power capacity will be installed over the next five years.
Investments from foreign companies are supporting solar growth in Texas. Eni's subsidiary said it is striving for carbon neutrality by 2040, with 100% of its energy coming from low-carbon resources--a goal similar to that embraced by U.S. President Joe Biden.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Plenitude, through U.S. subsidiary Eni New Energy U.S., acquired an 81-megawatt (MW) photovoltaic plant about 50 miles outside of the Dallas-Fort Worth metropolitan area.
Situated in a half-acre site, the addition brings Plenitude's total solar power capacity to 878 MW in the U.S. market alone.
"This operation represents an important step forward for the consolidation our company's position in the Texas and U.S. energy markets, and it will contribute to the energy transition process undertaken by Eni and to Plenitude's ambitious goals of achieving carbon neutrality by 2040 and supplying 100% decarbonized energy to all its customers," said Stefano Goberti, CEO of Plenitude.
The parent company, Eni, said it has "chosen" to take a key role in the energy transition by achieving carbon neutrality by 2050. Globally, the company had 1.1 gigawatts (GW) of installed renewable energy capacity last year, which it aims to bring to 6 GW by 2025 and to more than 15 GW by 2030.
Texas is home to a deep bench of oil and natural gas resources, hosting some of the most prolific shale basins in the country, if not the world. But it also boasts the largest wind-energy profile in the country, and solar power is not too far behind.
California currently has the most utility-scale solar power capacity, but Texas is catching up. The Solar Energy Industries Association (SEIA) puts Texas at the No. 2 spot for solar capacity as of the third quarter of 2022.
SEIA estimates the solar power sector employs just more than 10,000 people in Texas, accounts for about 5% of the state's total electricity, and represents investments of nearly $20 billion.
Prices associated with solar power installations, meanwhile, are down 50% over the last 10 years, and they are on pace to overtake California within the next five years.
And it's not necessarily the big energy companies that are doing much of the heavy lifting. A facility controlled by Anheuser-Busch (St. Louis, Missouri), a subsidiary of AB InBev (NYSE:BUD) (Leuven, Belgium) is among the largest in the state at 290 MW. SEIA estimates another 4 GW of solar power capacity will be installed over the next five years.
Investments from foreign companies are supporting solar growth in Texas. Eni's subsidiary said it is striving for carbon neutrality by 2040, with 100% of its energy coming from low-carbon resources--a goal similar to that embraced by U.S. President Joe Biden.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
