Statoil Intends to Explore Wind Power Off the Coast of Poland

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Statoil ASASTO recently announced an agreement with leading energy firm in Poland, Polenergia, for developing wind farms off the coast of Poland. The anticipated combined capacity of the farms in the Baltic Sea is 1.2 gigawatts (GW).

The value of the transaction - which awaits regulatory consent - has been kept under wraps. Statoil will likely have 50% stake in each of the Baltyk 2 and Baltyk 3 wind developments. The firm will also be responsible for operating the projects.

The Norwegian energy giant believes that the generation of power from Baltyk 2 and Baltyk 3 will begin in 2025 and 2027, respectively. It is to be noted that the recent agreement is in line with Statoil's aim to fortify its foothold in the renewable energy space, where it plans to spend roughly $12 billion by 2030.

With a stronger foothold in the Baltic Sea, the energy companies will enjoy significant synergies. In fact, the firms believe that around 8 GW of wind power might be generated from the Baltic Sea enclosed by Poland. Statoil added that the initial 4 GW capacity of wind projects might commence operations by 2030.

Headquartered in Stavanger, Norway, Statoil is a leading integrated energy firm. The company has a solid earnings surprise history. Notably, the firm surpassed the Zacks Consensus Estimate in all the prior four quarters, the average positive earnings surprise being 23.2%. Also, over the past year, the stock has rallied 33.2%, outperforming the industry's 7.6% gain.

Statoil sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

Other #1 Ranked stocks in the energy space include ConocoPhillips COP , Pioneer Natural Resources Company PXD and Concho Resources Inc. CXO .

Headquartered in Houston, TX, ConocoPhillips is a major upstream energy player. The company is expected to witness year-over-year earnings growth of 380% in 2018.

Headquartered at Irving, TX, Pioneer Natural Resources is an upstream energy firm. The company has an average positive earnings surprise of 66.9% for the last four quarters.

Headquartered in Midland, TX, Concho is also an upstream energy company. The firm will likely see year-over-year earnings growth of 73.2% in 2018.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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