NextEra Performs Renewable, Natural Gas Buildouts; Shows Strong Earnings

---

Researched by Industrial Info Resources (Sugar Land, Texas)--NextEra Energy Resources Incorporated (NYSE:NEE) (Juno Beach, Florida), the parent company of Florida Power & Light Company (FPL), is under way with an unprecedented string of solar buildouts in its home state, as well as natural gas-fired projects. NextEra Energy reported net earnings of $793 million in second-quarter 2017, compared with $540 million in second-quarter 2016. Industrial Info is tracking $12.7 billion in projects involving NextEra Energy.

In the company's conference call, Chief Financial Officer John Ketchum said that FPL's capital spending amounted to approximately $1 billion during second-quarter 2017 and that full-year capital investments would be between $5 billion and $5.4 billion. "Our major capital initiatives remain on track, and I am pleased to report that construction is under way at the eight 74.5-megawatt (MW) solar energy centers that are currently being built across FPL's service territory under the Solar Base Rate Adjustment, or SoBRA mechanism, of the rate case settlement agreement." Under SoBRA, FPL is allowed to immediately begin recovering the costs of up to 300 MW of solar per year through rates upon commercial operation of the facilities. The eight solar farms will be completed this year and in early 2018.

Among the eight 74.5-MW solar projects, which range in total investment value from $116 million to $160 million, are the Wildflower Solar Energy Center, near Arcadia, Florida, and the Coral Farms Solar Energy Center near Florahome. Both projects will use approximately 330,000 photovoltaic solar panels and are set to be completed before the end of the year. Blattner Energy Incorporated (Avon, Minnesota) is performing engineering, procurement and construction (EPC) for the projects. For more information, see Industrial Info's project reports on the Wildflower and Coral Farms solar energy centers. Ketchum said FPL has plans for an additional 1,600 MW of solar projects planned for beyond 2018. "We have currently secured more than 4 gigawatts of potential sites to support FPL's solar expansion," he said.

Ketchum also spoke of the company's initiative to build out base load natural gas-fired power plants. He said construction of the company's 1,750-MW Okeechobee Clean Energy Center in Okeechobee, Florida, remains on schedule and under budget. Construction on the facility kicked off earlier this year and is expected to be completed in summer 2019. Zachry Industrial Services Group (San Antonio, Texas) is performing EPC work on the project, which has a total investment of value of $1.2 billion. For more information, see Industrial Info's project report.

Ketchum said, "The roughly 1,200-MW, highly efficient, clean-burning natural gas Dania Energy Center is expected to begin operation by mid-2022 and generate more than $350 million in net cost savings for FPL customers. ... The total capital investment for the project is expected to be approximately $900 through 2022." Construction on the project, which is located near Fort Lauderdale, is expected to begin in early 2020. For more information, see Industrial Info's project report.

Aside from FPL, NextEra Energy also is expanding its renewables footprint outside of Florida. In Kansas, the company plans to begin construction on the McPherson County windfarm, which will include 150 2-MW wind turbine-generators. Construction on the project is expected to kick in the first half of next year and be completed by the end of 2019. For more information, see Industrial Info's project report.

In West Virginia, NextEra Energy plans to begin construction of a 150-MW windfarm near Mount Storm early next year, with completion planned by the end of the year. The project will include 78 wind turbine-generators rated between 1.79 and 2.1 MW. For more information, see Industrial Info's project report.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.