NextEra Energy Resources to develop up to 14.4GW of new solar by 2024

Facebook
Twitter
LinkedIn
Reddit
Email
Image: NextEra.

NextEra Energy Resources has revealed plans to add as much as 30GW of renewables to its portfolio by the end of 2024, as it continues to build its extensive backlog of projects.

The renewables business of NextEra Energy said that figure would see it build up to 14.4GW of solar capacity and as much as 6.3GW of energy storage.

A combination of low-cost renewables and battery storage today and hydrogen in the longer term “has substantially increased the total addressable market for NextEra Energy”, CEO Jim Robo said in a conference call following the publication of the company’s 2020 results.

He highlighted the potential for decarbonisation in the electricity, transportation and industrial sectors, thanks to renewables, battery storage and green hydrogen.

“In addition, we believe it is possible that the Biden administration, supported by a significant shift in public support towards taking action to address climate change, may act to further accelerate these shifts through the extension of existing incentives, as well as initiating other forms of policy support,” Robo added.

Last year saw NextEra Energy Resources more than double the amount of total renewable projects commissioned compared to 2019, reaching 5,750MW of solar, wind and storage plants. 2020 was also a record for renewable origination for the unit, adding nearly 7GW to its backlog.

Despite the positive renewables figures, NextEra Energy posted a fourth-quarter loss of US$5 million, as it wrote down the value of its investment in the Mountain Valley natural gas pipeline by US$1.2 billion due to legal challenges and delays in reaching commercial operation.

The company’s full-year net income was down 23% year-on-year to US$2.92 billion, while operating revenues were US$18 billion, a decrease of 6% on 2019.

It was revealed that Florida Power & Light Company (FPL), the NextEra-owned utility that serves more than 5.6 million customer accounts across Florida, placed more than 1,100MW of solar in service in 2020. The subsidiary is aiming to have around 10GW of solar capacity on its system by 2030.

FPL last week announced work has started on the Manatee Energy Storage Center, a solar-powered battery system that is expected to have a 409MW capacity, delivering 900MWh of energy. Located on Florida’s west coast, the project is due to be operational by the end of 2021.

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

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third 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 2025 and beyond.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 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.
22 October 2024
New York, USA
Returning for its 11th 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.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA