Nextera will double investment in wind and solar

UNITED STATES: Plans for Nextera Energy's investment in wind, solar and storage highlight developer and utility's belief in strength of renewables business.

Nextera already has over 11GW of wind projects in the US

Nextera Energy signed contracts for 1.4GW of wind and 700MW of solar in 2015 and expects to bring roughly 2.5GW of new renewables online this year.

Over the next few years, Nextera expects to as much as double the development resources committed to wind and solar projects, said senior vice-president for finance, John Ketchum. He was speaking at the release of the company’s fourth quarter results.

"We continue to believe that the fundamental outlook for renewables business has never been stronger."

The company is also making a long-term commitment to the burgeoning energy storage market, indicating that a previously announced plan to invest $100 million in the sector over the next year is just a start.

"Although it’s early in the technology life cycle, we are successfully originating storage projects to support our expectations to invest up to $100 million per year in order to maintain our competitive position with regarding to this important emerging technology," Ketchum said.

Nextera will update its capital expenditure plans for renewables in April, he said.

The utility, which also has operations in solar, gas, nuclear and oil, is the biggest owner of wind in North America, with over 11GW installed.