US utility NextEra Energy Partners has outlined an ambitious plan to reach a renewables and energy storage portfolio of 81 GW by 2027, a target that more than doubles its current capacity of 38 GW, as announced in its third-quarter results.
The utility reported adding nearly 3 GW to its renewables backlog in Q3 2024, predominantly comprising solar PV and energy storage projects, each accounting for approximately 1.4 GW.
The company's development pipeline for 2024-2025 spans 7.3 GW of solar PV, divided between backlog and projects with commercial operation dates (COD), along with 3 GW of energy storage.
The Southeast US will lead with 2.5 GW of solar PV, followed by the Midwest (2.1 GW) and Texas (1.4 GW). Notably, NextEra Energy Resources, a subsidiary of the company, commenced construction of a 310 MW solar PV plant in Texas earlier this year.
NextEra expects to develop up to 22.4 GW of solar PV nationwide from 2024 to 2027. Additionally, the utility signed framework agreements with two Fortune 50 clients to potentially deliver 10.5 GW of renewable and storage projects by 2030.
Despite recent hurricanes Helene and Milton in Florida, NextEra's largest subsidiary, Florida Power & Light, reported minimal impact on its solar infrastructure, with less than 0.05% of its solar panels affected. For Q3 2024, NextEra recorded earnings of $2.1 billion, up from $1.9 billion year-over-year.
