NextEra Energy Progresses with Renewables, Natural Gas-fired Buildout

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Researched by Industrial Info Resources (Sugar Land, Texas)--NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida) is one of the premier developers of renewable energy in the U.S. and is on its way to becoming an even stronger force in this sector with ambitious new plans for solar power. In addition, the company is progressing with two large natural gas-fired plants in its home state of Florida.

Among the programs driving NextEra's renewable buildout is Florida's Solar Base Rate Adjustment (SoBRA) mechanism, under which the construction of solar installations is partially funded by ratepayers. Under SoBRA, NextEra subsidiary Florida Power & Light Company (FPL) (Juno Beach) is building several 74.5-megawatt (MW) solar farms across Florida. In the company's fourth-quarter 2018 earnings conference call, NextEra Chief Financial Officer John Ketchum said, "During 2018, FPL completed construction on schedule and on budget for the first eight 74.5-MW solar energy centers developed under the Solar Base Rate Adjustment, or SoBRA, mechanism of the rate case settlement agreement."

Among these projects was FPL's Blue Cypress solar plant in Vero Beach, Florida. Construction began in the summer of 2017 and was completed in the first quarter of last year. Black & Veatch Incorporated (Overland Park, Kansas) provided engineering, procurement and construction (EPC) on the project, which had an estimated total investment value (TIV) of $161 million. For more information, see Industrial Info's project report.

More of these plants are due to be completed this year. Ketchum said, "The next 300 MW of solar projects being built under the SoBRA mechanism remain on budget and on track to begin providing cost-effective energy to FPL customers in early 2019." Among these projects is the Pioneer Trail solar energy center near Cassadaga. Construction on the facility began last summer and is set to be completed in the first quarter of this year. For more information, see Industrial Info's project report. In Lake City, Florida, FPL is wrapping up construction on the Sunshine Gateway solar center. Construction began in the first half of last year, and the plant is expected to begin commercial operations soon. For more information, see Industrial Info's project report. Black & Veatch is providing EPC on both projects.

NextEra seems intent on continuing this solar buildout. Earlier this month, FPL announced its "30-by-30" plan, under which it plans to install more than 30 million solar panels in Florida by 2030. The company says that after the plan is implemented, it expects to be the largest utility owner and operator of solar power in the U.S. Ketchum said, "To support the significant solar expansion that FPL is leading across Florida, we have secured sites that could potentially support more than 7 gigawatts of future projects."

NextEra also is underway with two natural gas-fired projects in the state, one of which is wrapping up construction this year, the other which will begin it. Ketchum said, "Beyond solar, construction on the approximately 1,750-MW Okeechobee Clean Energy Center remains on budget and on schedule to enter service in the middle of this year." Construction on the combined-cycle plant near Okeechobee, Florida, began in early 2017, with Zachry Industrial Service Group (San Antonio, Texas) providing EPC. For more information, see Industrial Info's project report.

NextEra's other combined-cycle project, the Dania Beach Clean Energy Center in Fort Lauderdale, Florida, is set to start construction in the second half of this year. Ketchum said, "The roughly 1,200-MW Dania Beach Clean Energy Center received siting board approval during the quarter to support its projected commercial operation date in 2022." Black & Veatch is providing EPC on the project, which has an estimated TIV of $888 million. For more information, see Industrial Info's project report.

While most of NextEra's projects are in Florida, the company has branched out to other parts of the U.S., particularly for renewable energy projects. Among these projects is the Torrecillas wind energy center near Freer, Texas, in the south of the state. Construction began last summer and is expected to wrap up this summer. The facility will use 120 General Electric (NYSE:GE) 2.5-MW wind turbine generators to generate 300 MW. Blattner Energy Incorporated (Avon, Minnesota) is providing EPC. The project has an estimated TIV of $495 million. For more information, see Industrial Info's project report.

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