Dominion Energy Secure Approval for 9 Solar Projects; Largest In Virginia

Dominion Energy (D) Virginia customers have secured approval for nine solar projects in the state. It is the largest group of solar projects to be approved by the Virginia State Corporation Commission, with a capacity of about 500 megawatts.

The nine solar projects will have the capacity to power some 125,000 homes during peak hours. The approval also marks an important milestone amid the ongoing push for renewable energy. Dominion Energy will own and operate three projects expected to create 750 jobs. The other six projects came into being as a result of a power purchase agreement selected from a competitive solicitation process. The projects in total are also expected to realize up to $100 million in economic benefits to the state.

“Our customers deserve reliable and affordable energy, and they also deserve a clean environment. These projects will help us deliver on that promise,” said President Ed Baine, Dominion Energy Virginia.

The approval of the nine solar projects marks an important milestone for Dominion Energy’s goal of net-zero emissions under the Virginia Clean Economy Act. The act calls for up to 16,100 megawatts of solar or onshore wind energy by 2035. (See Dominion Energy stock analysis on TipRanks)

In April, Credit Suisse analyst Michael Weinstein reiterated a Buy rating on Dominion Energy. According to the analyst, the company is on course to deliver adjusted earnings per share of $1.07, in line with the consensus estimate. It should also align with the company’s earnings guidance of between $1.00 and $1.15 a share.

The analyst increased his price target on the stock from $80 to $90, implying  11.98% upside potential to current levels.

Consensus among analysts is a Moderate Buy based on 2 Buy and 1 Hold rating. The average analyst price target of $86.33 implies 7.42% upside potential to current levels.

Dominion Energy scores 9 out of 10 on TipRanks’ Smart Score rating system, implying it is likely to outperform the overall market.

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