Global producer of glass fiber reinforcements,
), has partnered with New York State Energy Research and
Development Authority (NYSERDA) and retail electricity and
natural gas supplier, Constellation, to generate renewable energy
in Delmar, NY.
The trio recently announced the completion of a 2.7 megawatt
solar power plant which will supply almost 6% of the yearly
energy requirement of Owens Corning's thermal and acoustical
insulation plant. The plant spreads across 9 acres and operates
with the help of 9,000 ground-mounted, photovoltaic panels.
Owens Corning has entered into a 20-year purchase agreement
with Constellation which owns and maintains the power plant. The
power system is expected to generate 3.3 million kilowatt-hours
of renewable electricity per year, reducing carbon dioxide
emission by 2,339 metric tons, equivalent to emissions from 487
passenger vehicles annually in New York City.
We are encouraged by the solar power generation initiative of
Owens. Apart from creating jobs and protecting the environment,
these solar projects have also enabled businesses to save costs
by lowering energy bills.
Further, with the completion of the solar installation system,
Owens has gone a step ahead in its 2020 Environment Footprint
Goal. Owens had embarked on a footprint reduction goals in 2010
through 2020. Under this program, Owens aims to achieve zero
waste-to-landfill and significantly reduce energy use, greenhouse
gas emission and water consumption by 2020. We, thus, remain
confident that Owens will continue to grow its solar energy
program in the U.S. and around the world.
Owens Corning, which produces residential and commercial
building materials, glass-fiber reinforcements and engineered
materials for composite systems, is slowly gaining momentum from
improving new home demand.
Other Stocks to Consider
Currently Owens carries a Zacks Rank #4 (Sell). Other stocks
in the construction sector worth considering are
Armstrong World Industries Inc
). While USG holds a Zacks Rank #1 (Strong Sell), Armstrong and
Masco carry a Zacks Rank #2 (Buy).
ARMSTRONG WORLD (AWI): Free Stock Analysis
MASCO (MAS): Free Stock Analysis Report
OWENS CORNING (OC): Free Stock Analysis
USG CORP (USG): Free Stock Analysis Report
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