NextEra Energy adds “record” 3.2GW of renewables in Q3 2023, net income drops overall

Facebook
Twitter
LinkedIn
Reddit
Email
Over 1.4GW of the new backlog capacity was solar PV. Image: NextEra Energy.

Florida-based energy company NextEra Energy posted a net income of US$1,219 million in its Q3 2023 earnings call, a downturn of around US$400 million year-on-year as the company added “record” new renewables generation capacity to its backlog.

Its renewables generation business, NextEra Energy Resources, saw a net loss of US$230 million in Q3, down from net income of US$655 million in the equivalent period 2022. Its adjusted earnings were US$882 million, compared with US$729 million in Q3 2022.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The period saw NextEra Energy Resources add 3,245MW of new renewables generation and storage capacity to its backlog, which it said was a “record” figure for a single quarter. “NextEra Energy Resources had its best renewables and storage origination quarter in its history,” said CEO John Ketchum.

Of this 3,245MW, 1,485MW were solar PV installations, 905MW storage, 400MW wind and 455MW wind repowering assets. In addition, just over 1GW of new projects have been placed into service since Q2.

For comparison, in Q1 NextEra Energy Resources added around 2,020MW of generation and storage capacity to its backlog, followed by 1,665MW in Q2.

One of NextEra’s largest backlog projects is the 400MW Sebree solar PV farm in Kentucky, for which it signed a 250MW power purchase agreement (PPA) with US steel manufacturer Nucor in August.

Florida Power & Light (FPL), NextEra’s electricity utility business, reported third-quarter 2023 net income of US$1,183 million, up just over US$100 million year-on-year from US$1,074 million. Capex for FPL was approximately US$2.6 billion in Q3, and the company said that full-year expenditure is expected to be between US$9-9.5 billion.

“NextEra Energy continued its strong execution during the third quarter and has delivered adjusted earnings per share growth of approximately 10.8% through three quarters,” Ketchum said. “FPL continues to execute against its well-established capital plan to enhance what we believe is one of the best customer value propositions in the industry. NextEra Energy Resources had its best renewables and storage origination quarter in its history, adding approximately 3,245 megawatts to its backlog, which now totals over 21 gigawatts, net of projects placed in service.

“We will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges in each year through 2026.”

These expectations through 2026 remain unchanged. In its Q2 call, NextEra said that FLP is expecting a capital investment of between US$32-34 billion through 2025, around US$10 billion of which will go towards solar capacity additions and around US$15 billion towards transmission development. In its decarbonisation strategy last year, NextEra said that its renewables business would seek to deploy 90GW of solar PV by 2045, a large proportion of which would be targeted through FLP.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

June 30, 2025
Australian module manufacturer Tindo Solar has secured a 30MW solar module supply agreement to power Australia's first "net zero pipeline”.
June 27, 2025
Renewables investment platform Nexwell Power has signed a round of power purchase agreements (PPAs) with “one of the largest” US tech companies for solar PV capacity to be built in Spain.
June 26, 2025
A round-up of news from the US solar sector this week, including Akuo, Meta and RWE.
June 26, 2025
A group of minority shareholders in Norwegian silicon firm REC Silicon has triggered an investigation into the circumstances surrounding the closure of the company’s US polysilicon production site.
June 26, 2025
Nextracker will supply solar tracker systems to a 550MW solar PV project in the Greek province of Western Macedonia, owned by Greek renewables developer PPC Renewables.
June 26, 2025
Adapture Renewables and Meta have signed two EAPAs that will see the latter acquire power from a 360MW Texas solar portfolio.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico