NextEra posts record year for new renewable capacity additions, sees strong growth going forward

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NextEra Energy Resources LLC had its best year ever for origination in 2022, adding more than 8,000 MW of new renewable and battery storage projects to the company's backlog with aims to double its renewables portfolio by 2026, executives said Jan. 25.

Despite supply chain challenges, NextEra Energy Resources commissioned about 4,600 MW of renewables and storage projects in 2022, John Ketchum, president, CEO and chairman of NextEra Energy Resources' parent company, NextEra Energy Inc., said on a conference call to discuss fourth-quarter 2022 and full-year results. The company added about 1,700 MW to its backlog since its third-quarter 2022 earnings call, including 300 MW of wind, 730 MW of solar and 670 MW of battery storage.

The company's renewables backlog now stands at about 19,000 MW, Ketchum said, nearly 15% larger than the backlog at the end of 2021, and management plans to substantially extend development expectations through 2026.

"We now believe we will place in service approximately 32,700 [MW] to 41,800 MW of new renewables and storage projects from 2023 through the end of 2026," Ketchum said. "To put these numbers into context, just executing at the low end of our new development expectations through 2026 would more than double the size of our current renewables and storage operating portfolio, which took us more than 20 years to complete."

[Abbie Bennett]

More: NextEra expects to double renewables, storage portfolio by end of 2026