Intel has unveiled its largest solar farm outside the US. In Malaysia, the company is harnessing sufficient solar energy to power six buildings across its Kulim and Penang campus. The addition of a 3.2-megawatt solar installation completed in January has allowed the chipmaker to achieve 4.1MW in total installed solar capacity.
The Malaysia solar project contributes to about 15% of Intel’s (INTC) total solar electric power capacity. The project is expected to help the company reduce its carbon emission by about 3,800 tons. Similarly, it affirms the company’s commitment to operating manufacturing facilities with the lowest impact on the environment.
Electricity from the solar panels is expected to compensate Intel Malaysia’s electricity demand during peak hours. Newly installed panels are poised to generate about 6,000 megawatt-hours of electricity each year.
“The use of renewable power generated on site at Intel Malaysia is a critical part of Intel’s efforts as a responsible corporate citizen to do better by our planet and as part of our RISE 2030 goals of achieving 100% renewable power,” stated Robin Martin, Intel Malaysia, Corporate Vice President.
Electricity from the solar panels should diversify Intel Malaysia’s energy supply while introducing renewable energy into the mix. Until now, the company has predominantly relied on electricity generated from natural gas and coal sources.
Intel shares have jumped 26% year to date following a 16.7% slide in 2020. (See Intel stock analysis on TipRanks).
Ahead of Intel’s first-quarter financial results, Rosenblatt Securities’ analyst Hans Mosesmann reiterated a Sell rating on the stock.
“We continue to believe Intel will face fierce competition throughout the year and the structural problems that the company faces will take years to resolve without getting into new businesses,” wrote Mosesmann in a research note to investors.
The analyst restated a 12-month price target of $40, implying 37.2% downside potential to current levels.
Consensus among analysts is a Hold on INTC stock based on 11 Buys, 10 Holds and 7 Sells. The average analyst price target of $67.52 implies 6.25% upside potential to current levels.
INTC scores a 9 out of 10 on the TipRank’s Smart Score ranking tool, implying that it is likely to outperform market averages.
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