Dominion Energy Acquires Ohio Solar Facility As Keystone XL Pipeline Hangs In the Balance

Dominion Energy Inc. (NYSE:D) has expanded its solar generating portfolio in Ohio. Through one of its subsidiaries, the company has completed the acquisition of a 150MW Hardin solar generating facility. The acquisition comes when the company is increasingly investing in clean energy projects to address growing demand.

Dominion Solar Bet

With major companies looking to reduce their carbon footprint, most of them have turned to clean energy providers. Facebook Inc. (NASDAQ:FB) has already confirmed it will take the electricity generated at the Hardin County facility as part of a long-term agreement signed prior to the project’s construction.

Dominion Energy owns solar arrays in nine other states, where it also owns and operates gas utilities. In addition, the acquisition is Dominion’s first solar energy investment in Ohio. In the city, the company currently owns and operates natural gas Distribution Company serving 1.2 million customers.

Keystone Pipeline Concerns

The acquisition comes at a time of brewing standoff between Canada and the new administration led by Joe Biden. The President has already made it clear his intentions to cancel the Keystone XL pipeline permit, a major oil transportation system between the two countries.

The cancellation is part of Biden’s promise that aligns with his environmental policies. The project has no place in Biden’s administration as the focus shifts to reducing carbon footprint through fossil fuels.

Similarly, the cancellation will be a big blow to Alberta’s provincial government, which has already signed an agreement to invest $1.5 billion in equity. Likewise, the project has been under construction in Canada for several months.

Geothermal Energy Push

The cancellation of the Keystone XL pipeline project all but affirms the growing trend of ditching fossil fuels that continue to fuel climate change. Facing an uncertain future amid the growing push into clean energy, oil companies have already started tweaking their businesses.

Most oil companies are good at digging holes to extract oil and gas deep into the earth’s crust. Likewise, most of them are increasingly shifting their attention to digging for heat as part of geothermal energy production.

By reading our website you agree to the terms of our disclaimer, which are subject to change at any time. Owners and affiliates are not registered or licensed in any jurisdiction whatsoever to provide financial advice or anything of an advisory nature. Always do your own research and/or consult with an investment professional before investing. Low priced stocks are speculative and carry a high degree of risk, so only invest what you can afford to lose. By using our service you agree not to hold us, our editor’s, owners, or staff liable for any damages, financial or otherwise, that may occur due to any action you may take based on the information contained within our newsletters, website, twitter, Facebook or chat. We do not advise any reader to take any specific action. Our releases are for informational and educational purposes only. Never invest purely based on our articles. Gains mentioned on our website, twitter, Facebook, and on our website may be based on EOD or intraday data. We may be compensated for the production, release, and awareness of this article. We will disclose any and all compensation on the article page. This publication and its owner never hold positions in the securities mentioned in our articles. Our information may contain Forward-Looking Statements, which are not guaranteed to materialize due to a variety of factors. We do not guarantee the timeliness, accuracy, or completeness of the information on our site. The information in our disclaimers is subject to change at any time without notice. We are not held liable or responsible for the information in press releases issued by the companies discussed in these write-ups. Please do your own due diligence