NextEra reports 2.2GW of solar additions in 2024 financial results

Facebook
Twitter
LinkedIn
Reddit
Email
A NextEra Energy solar project.
FPL commissioned 1GW more solar in 2024 than in the previous year. Image: NextEra Energy.

US capital infrastructure investor NextEra Energy Resources has released its 2024 financial results, a year that saw the company’s subsidiary Florida Power and Light (FPL) commission 2.2GW of new solar capacity.

The additions are a record for the utility, which added 450MW of new solar capacity in 2022 and 1.2GW of new capacity in 2023. FPL’s solar additions made up over a third of the company’s 6GW of new renewable energy generation and storage capacity additions in 2024, which drove positive financial results for NextEra in 2024.

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 company’s adjusted full-year net income reached US$3.2 billion in 2024, up from US$2.8 billion in 2023. This translated to an adjusted earnings per share increase from US$1.36 to US$1.51. Growth was driven, in large part, by new investments in renewable energy and energy storage systems, with the company attributing US$0.48 earnings per share to new investment in these technologies, more than any other change in the company’s financial performance.

Similarly, this growth was reflected in FPL’s performance. While its Q4 2024 earnings were marginally lower than its earnings in the same quarter of the previous year, its full-year adjusted earnings increased from US$4.3 billion in 2023 to US$4.5 billion in 2024, as shown in the graph above.

NextEra’s clean energy earnings have been largely on track with its forecasts and notably larger than its other energy technologies. In Q4 2023, the company expected to generate EBITDA of between US$4,350-5,050, a figure that reached US$4,647 in 2024. This compares to earnings of US$976 and US$511 in the company’s nuclear and natural gas pipelines, respectively.

Solar and storage investments

Last June, NextEra commissioned a new solar project in Texas, part of the company’s plans to significantly increase its solar and storage capacity in the coming years. In the same month, NextEra signed an agreement with Entergy to develop 4.5GW of new solar and storage capacity in the US.

This expected growth is reflected in NextEra’s other figures. Between 2026 and 2029, FPL expects to commission around 5.4GW of new solar capacity, alongside 3.4GW of new battery projects, as solar and storage take up an increasingly large part of its total energy mix.

This shift towards solar and storage is reflected in NextEra’s plans for the coming years, with the company planning to add 7.2GW of solar by the end of this year, and a further 7.1GW of solar between 2026 and 2027.

If these forecasts are accurate, NextEra will add more solar than batteries and wind combined between now and 2027, and this is reflected in the graph above, as the company looks to meet its 81GW renewable energy capacity target by the end of 2027.

The capacity additions include the “current backlog of projects with signed long-term power purchase agreements (PPAs), build-own-transfer projects with long-term operations and maintenance (O&M) agreements and assets with expected long-term agreements including power hedging and/or the sale of environmental attributes.”

“Energy Resources also had a record year in solar origination and a record year in battery storge origination, again demonstrating the strong demand for renewables and storage because they are low cost and can be deployed now,” said John Ketchum, NextEra CEO in a conference call announcing the results. “Focusing for a moment on battery storage, we have deployed more than 3.4GW in total and currently have more than 7.2GW in our backlog.”

Last week, NextEra subsidiary NextEra Energy Partners announced that it had rebranded to ‘XPLR infrastructure’, effective immediately.

Read Next

Premium
February 17, 2025
Brian Grenko of VDE Americas assesses the route to market for perovskite PV products as an alternative to silicon-based technologies.
February 17, 2025
Lee Zeldin said the EPA should "reassume responsibility" for funds issued under the Greenhouse Gas Reduction Fund.
February 17, 2025
A new report from the International Energy Agency (IEA) has shown that solar PV made up 7% of the world's electricity generation in 2024.
Premium
February 14, 2025
“As the market develops, there’s more sophisticated views of the market,” said Aldevinas Burokas at Solar Finance & Investment Europe 2025.
February 13, 2025
A report from CEA says that the impact of the new Republican administration on the provisions under the IRA remains “uncertain”.
Premium
February 13, 2025
PV Talk: Solargis CEO Marcel Suri tells PV Tech Premium how more sophisticated data has made solar assets more 'agile'.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 19, 2025
Tokyo, Japan
Solar Media Events
March 11, 2025
Frankfurt, Germany
Solar Media Events
March 18, 2025
Sydney, Australia