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Researched by Industrial Info Resources (Sugar Land, Texas)--NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida) added 3,245 megawatts (MW) of renewable and energy-storage projects to its portfolio in the third quarter, setting a quarterly record.
In the company's third-quarter earnings press release and on a related conference call, executives touched on the portfolio of two of its primary subsidiaries, NextEra Energy Resources, its U.S. renewable energy arm, and Florida Power & Light Company (FPL), its Florida utility.
"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," said Chief Executive Officer John Ketchum in the press release. The newly added capacity includes about 1,485 MW of solar (45%), 905 MW of storage (28%), 400 MW of wind and 455 MW of wind repowering.
Ketchum said Energy Resources' renewable generation accounts for roughly 16% of the company's energy mix and that is expected to double by 2030.
Meanwhile, on the conference call, Chief Financial Officer Kirk Crews said the company expects to develop about 33 to 42 gigawatts (GW) of renewables through 2026.
The highest-valued NextEra solar project under construction being tracked by Industrial Info is its $400 million Waco solar project in Limestone County, Texas. The project will utilize an estimated 917,590 photovoltaic (PV) panels for up to 400 MW of solar generation. Also underway is the $330 million Cavalry solar-plus-storage project in White County, Indiana, which includes a 200-MW solar plant that will feature a 60-MW battery energy storage system (BESS). The projects are expected to be completed in mid-2025 and September 2024, respectively. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed information on the Texas and Indiana projects.
Crews said the third quarter's backlog additions included about 250 MW of "stand-alone battery storage projects co-located with existing wind and solar facilities."
In terms of wind projects, NextEra's $166 million Babbit Ranch Windfarm near Flagstaff, Arizona, kicked off construction in May. The wind turbine power plant will utilize more than 50 turbines, each rated at 3 MW, from General Electric (NYSE:GE) (Boston, Massachusetts) to produce about 160 MW of power. Engineering, procurement and construction company Blattner Energy Incorporated (Avon, Minnesota) is expected to wrap up the project by the end of 2024. Click here for the detailed project report.
Crews also noted the third quarter's backlog additions included about 455 MW for repowering existing wind facilities. "In a repower, we invest roughly 50% to 80% of the cost of a new build, are able to refresh and enhance the performance of the turbine equipment and start a new 10 years of production tax credits."
In terms of FPL, the company's Florida subsidiary, Crews said its capital expenditures (capex) for the quarter were about $2.6 billion, and he expects full-year 2023 capex of between $9 billion and $9.5 billion. Meanwhile, Ketchum added the utility aims to add about 20 GW of solar power across the next 10 years.
All of NextEra's solar projects in Florida are on a smaller scale, providing less than 75 MW of generation. These include the $103 million Silver Palm solar plant in Riviera Beach and the $100 million Ibis Solar plant in Bevard County, both of which kicked off earlier this year and are expected to wrap up in the first quarter of 2024. Subscribers can read project reports for the Silver Palm and Ibis projects.
Industrial Info is tracking $23.6 billion worth of renewable energy-generation projects across the U.S. from NextEra and its subsidiaries that Industrial Info's researchers have assessed with a medium-to-high likelihood (70% or more) of moving forward as planned. Subscribers can click here for a full list of project reports.
Subscribers to Industrial Info's GMI project and plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
In the company's third-quarter earnings press release and on a related conference call, executives touched on the portfolio of two of its primary subsidiaries, NextEra Energy Resources, its U.S. renewable energy arm, and Florida Power & Light Company (FPL), its Florida utility.
"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," said Chief Executive Officer John Ketchum in the press release. The newly added capacity includes about 1,485 MW of solar (45%), 905 MW of storage (28%), 400 MW of wind and 455 MW of wind repowering.
Ketchum said Energy Resources' renewable generation accounts for roughly 16% of the company's energy mix and that is expected to double by 2030.
Meanwhile, on the conference call, Chief Financial Officer Kirk Crews said the company expects to develop about 33 to 42 gigawatts (GW) of renewables through 2026.
The highest-valued NextEra solar project under construction being tracked by Industrial Info is its $400 million Waco solar project in Limestone County, Texas. The project will utilize an estimated 917,590 photovoltaic (PV) panels for up to 400 MW of solar generation. Also underway is the $330 million Cavalry solar-plus-storage project in White County, Indiana, which includes a 200-MW solar plant that will feature a 60-MW battery energy storage system (BESS). The projects are expected to be completed in mid-2025 and September 2024, respectively. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed information on the Texas and Indiana projects.
Crews said the third quarter's backlog additions included about 250 MW of "stand-alone battery storage projects co-located with existing wind and solar facilities."
In terms of wind projects, NextEra's $166 million Babbit Ranch Windfarm near Flagstaff, Arizona, kicked off construction in May. The wind turbine power plant will utilize more than 50 turbines, each rated at 3 MW, from General Electric (NYSE:GE) (Boston, Massachusetts) to produce about 160 MW of power. Engineering, procurement and construction company Blattner Energy Incorporated (Avon, Minnesota) is expected to wrap up the project by the end of 2024. Click here for the detailed project report.
Crews also noted the third quarter's backlog additions included about 455 MW for repowering existing wind facilities. "In a repower, we invest roughly 50% to 80% of the cost of a new build, are able to refresh and enhance the performance of the turbine equipment and start a new 10 years of production tax credits."
In terms of FPL, the company's Florida subsidiary, Crews said its capital expenditures (capex) for the quarter were about $2.6 billion, and he expects full-year 2023 capex of between $9 billion and $9.5 billion. Meanwhile, Ketchum added the utility aims to add about 20 GW of solar power across the next 10 years.
All of NextEra's solar projects in Florida are on a smaller scale, providing less than 75 MW of generation. These include the $103 million Silver Palm solar plant in Riviera Beach and the $100 million Ibis Solar plant in Bevard County, both of which kicked off earlier this year and are expected to wrap up in the first quarter of 2024. Subscribers can read project reports for the Silver Palm and Ibis projects.
Industrial Info is tracking $23.6 billion worth of renewable energy-generation projects across the U.S. from NextEra and its subsidiaries that Industrial Info's researchers have assessed with a medium-to-high likelihood (70% or more) of moving forward as planned. Subscribers can click here for a full list of project reports.
Subscribers to Industrial Info's GMI project and plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
