With Strong Earnings, NextEra Energy Further Increases Renewables Backlog

Researched by Industrial Info Resources (Sugar Land, Texas)--Florida-based NextEra Energy Incorporated (NYSE:NEE) (Juno Beach) had a strong third-quarter 2020 and is laying the groundwork for further renewable energy projects as it progresses with a large natural gas-fired power plant in Fort Lauderdale, Florida. The company reported third-quarter net earnings of $1.23 billion, compared with $879 million in the prior-year quarter.

In this week's earnings conference call, Chief Financial Officer Rebecca Kujawa gave an update on some of the company's projects, including those of its major subsidiary, Florida Power & Light Company (FPL) (Juno Beach). Kujawa said, "All of our major capital initiatives at FPL are progressing well. The next six SolarTogether projects, totaling approximately 450 megawatts (MW), remain on track to be in service later this year. The final 600 MW of the roughly 1,500-MW community solar program are expected to be placed in service next year."

FPL's "30-by-30" solar program aims to install more than 30 million solar panels in Florida by 2030, primarily through a number of 74.5-MW plants. Among the plants on track to be completed by the end of this year is the 74.5-MW Union County Solar Energy Center near Lake Butler, in the north of Florida. Construction on the project kicked off earlier this year and entails installing 333,000 First Solar (NASDAQ:FSLR) (Tempe, Arizona) thin-film photovoltaic panels on a single-axis tracking system. Also on track for completion soon is the 74.5-MW Discovery Energy Center, in Brevard County, near Orlando. Black & Veatch (Overland Park, Kansas) is providing engineering, procurement and construction (EPC) on both projects. For more information, see Industrial Info's project reports on the Union County and Discovery solar energy centers.

Coupled with one of FPL's solar plants is the 409-MW Manatee battery storage center near Parrish, about 40 miles south of Tampa. Construction originally was planned to kick off in the first quarter, but this was pushed out because of COVID-19. The project is on track to be completed by the end of next year. For more information, see Industrial Info's project report.

One of FPL's largest projects is the natural gas-fired, combined-cycle Dania Beach Clean Energy Center in Fort Lauderdale. Kujawa said the project "remains on schedule and on budget as it continues toward its projected commercial operations date of 2022." Construction began in the second half of last year, with Black & Veatch providing EPC services. For more information, see Industrial Info's project report.

Outside of Florida, NextEra's renewables subsidiary NextEra Energy Resources is adding substantially to its backlog. In the quarter, the subsidiary added approximately 2,200 MW to its backlog, including 580 MW of new wind, 911 MW of solar, 86 MW of wind repowering and 594 MW of battery storage. However, project cancellations in Alabama reduced the net increase to 1,446 MW.

Among the company's wind projects outside of Florida is the 133-MW Jordan Creek Windfarm near Williamsport, Indiana. The facility will use 58 Vestas 2.3-MW wind turbines. Construction began earlier this year and is expected to be completed by yearend. Two additions to the windfarm, each adding another 133 MW, already are under construction. For more information, see Industrial Info's project reports on Phase I, Phase II and Phase III.

Solar plants include the Wintergreen plant, which is being built at an abandoned military radar station in Moscow, Maine. The facility will use approximately 660,000 solar modules to generate 150 MW. Construction is set to begin early next year and be completed by the end of 2021. Wanzek Construction Incorporated (West Fargo, North Dakota) is providing EPC services. For more information, see Industrial Info's project report.

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