NextEra firm bullish on solar’s post-ITC prospects

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
A NextEra project in Wisconsin. Source: NextEra

There is cause to be bullish about the prospects of solar in the US even after the scheduled sunset of the investment tax credits (ITC), according to the renewables investment subsidiary of major US utility NextEra.

The industry is campaigning for an extension of the measures, with trade body SEIA telling PV Tech an extension would mean solar having a 16% rather than 12% share in the nation’s generation mix come 2030.

NextEra Energy Partners, which “acquires, manages and owns” renewable assets, remains publicly confident about the sector’s prospects.

During the conference call for its second-quarter results, Rebecca Kujawa, CFO and executive vice president, was confident about the ongoing competitiveness of solar.

“As we highlighted last month, with continued cost and efficiency improvements, we expect new near-firm wind and solar to be cheaper than the operating costs of coal, nuclear and less fuel-efficient oil and gas-fired generation units, even after the tax credits phase down early in the next decade,” she said.

“The combination of low-cost renewables plus storage is expected to be increasingly disruptive to the nation’s generation fleet, providing significant growth opportunities well into the next decade,” Kujawa added.

“With the economic advantages of wind and solar versus traditional generation resources even after the tax credits phase down, we expect renewables to grow at a rate that provides a meaningful tailwind to NextEra Energy Partners’ growth well into the next decade,” the CFO explained.

The company reported a loss for the quarter of U$28 million. During the reporting period it acquired a 611MW portfolio of wind and solar projects.

Read Next

December 3, 2021
Solar investor and asset manager NextEnergy Capital Group (NEC) has secured backing from the UK Infrastructure Bank for a new fund that aims to raise £500 million (US$663 million) to invest in subsidy-free solar power plants in the UK.
December 2, 2021
Enel Green Power has named Paolo Romanacci as the new head of its North America division, overseeing all renewables activities in the US and Canada.
December 1, 2021
Major US bank Wells Fargo has closed its maiden tax equity investment into a colocated solar-storage project currently under construction in New Mexico, US.
December 1, 2021
Tech major Amazon has added a further 2GW to its committed utility-scale solar PV capacity, adding projects in the US and Europe to its renewables portfolio.
November 30, 2021
JinkoSolar has slashed its shipments guidance for the year, reducing its top end guidance by more than 5GW as it blamed ongoing logistics issues and port blockages.
November 30, 2021
Solar EPC company iSun is investing in US commercial PV project developer Encore Renewable Energy as part of efforts to accelerate its geographic expansion.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal