NextEra Energy Looks to Spend $1B on Energy Storage in 2021
Source: Karl-Erik Stromsta · GREEN TECH MEDIA · | April 22, 2020
“No drop-off, no slowdown”: NextEra’s well-oiled renewables development machine powers forward during the coronavirus pandemic.
No company has ever spent $1 billion on battery projects in a single year, NextEra says. (Credit: NextEra Energy)
Companies across the global renewable energy industry are anxiously assessing the negative impact of the coronavirus outbreak on their bottom line. Every company, it seems, except NextEra Energy.
NextEra, the leading U.S. renewables developer, reported its first-quarter financial results on Tuesday, saying that not only has its renewables development unit been unaffected by the COVID-19 pandemic, but it may actually benefit by being able to scoop up other projects that run into trouble.
NextEra expects to build around 5 gigawatts of renewables capacity this year, and it added another 1.6 gigawatts of wind, solar and storage to its pipeline during the first quarter. None of its 2020 projects are expected to be delayed.
The company also made a stunning, if not entirely surprising, prediction: It will spend $1 billion on battery projects next year. NextEra believes it will be the first company in the world to cross that threshold for energy storage investments in a single year.