Entergy and NextEra Energy Resources announce agreement to develop up to 4.5 GW of new solar and energy storage projects

Rhea-AI Summary

Entergy (NYSE: ETR) and NextEra Energy Resources, a NextEra Energy subsidiary (NYSE: NEE), have announced a joint development agreement to develop up to 4.5 gigawatts (GW) of new solar and energy storage projects. This five-year agreement aims to expand Entergy's renewable energy portfolio and address growing electricity demand in Arkansas, Louisiana, Mississippi, and Texas. This collaboration builds on an existing partnership, adding to the 1.7 GW of renewable projects already in progress. Entergy aims to leverage this initiative to provide low-cost, renewable energy to its customers.

Positive

• Entergy and NextEra Energy Resources signed a five-year agreement to develop up to 4.5 GW of solar and energy storage projects.
• The agreement enhances Entergy's renewable energy portfolio, supporting its goal of providing low-cost renewable energy.
• This partnership builds on an existing collaboration, adding to the 1.7 GW of renewable energy projects already in progress.

Negative

• The financial terms of the agreement were not disclosed, leaving investors uncertain about the potential financial impact.
• There is a risk of project delays or failures, which could negatively affect Entergy's renewables expansion plans.
• The agreement's success is contingent on regulatory approvals and market conditions, introducing potential uncertainty.

NEW ORLEANS and JUNO BEACH, Fla., June 7, 2024 /PRNewswire/ -- Entergy (NYSE: ETR) and NextEra Energy Resources LLC, a subsidiary of NextEra Energy Inc. (NYSE: NEE), today announced a joint development agreement that will accelerate the development of up to 4.5 gigawatts (GW) of new solar generation and energy storage projects. The agreement represents significant progress toward Entergy's growing portfolio of renewable generation.

"We're excited about this joint development agreement, which will enable Entergy to provide our customers with low-cost, renewable energy as demand grows across Arkansas, Louisiana, Mississippi and Texas," said Rod West, group president of utility operations for Entergy.

"We believe the power sector is at an inflection point, and growing electricity demand will be met by low-cost, renewable generation and storage," said Rebecca Kujawa, president and chief executive officer of NextEra Energy Resources. "We're pleased to reach this agreement because it further strengthens our long-standing collaboration and adds up to 4.5 GW on top of the more than 1.7 GW of renewable energy projects already underway with Entergy."

The five-year joint development agreement is expected to facilitate the development and construction of new solar generation and energy storage projects.

About Entergy
Entergy (NYSE: ETR) is a Fortune 500 company that powers life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We're investing in the reliability and resilience of the energy system while helping our region transition to cleaner, more efficient energy solutions. With roots in our communities for more than 100 years, Entergy is a nationally recognized leader in sustainability and corporate citizenship. Since 2018, we have delivered more than $100 million in economic benefits each year to local communities through philanthropy, volunteerism and advocacy. Entergy is headquartered in New Orleans, Louisiana, and has approximately 12,000 employees. Learn more at entergy.com and connect with @Entergy on social media. #WePowerLife

About NextEra Energy Resources
NextEra Energy Resources LLC (together with its affiliated entities, "NextEra Energy Resources") is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 30,600 megawatts of total net generating capacity, primarily in 41 states and Canada as of year-end 2023. NextEra Energy Resources is the world's largest generator of renewable energy from the wind and sun, and a world leader in battery storage. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire and Wisconsin as part of the NextEra Energy nuclear fleet. NextEra Energy Resources offers a wide range of clean energy solutions to help businesses and customers across the country meet their emissions reduction goals. NextEra Energy Resources LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy Inc. (NYSE: NEE). For more information, visit: www.NextEraEnergyResources.com.

 

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SOURCE NextEra Energy Resources, LLC

FAQ

What is the agreement between Entergy (ETR) and NextEra Energy Resources about?

Entergy and NextEra Energy Resources have agreed to jointly develop up to 4.5 GW of new solar and energy storage projects.

How long is the development agreement between Entergy (ETR) and NextEra Energy Resources?

The joint development agreement between Entergy and NextEra Energy Resources spans five years.

What areas will benefit from Entergy's new renewable projects?

The new renewable projects will benefit customers in Arkansas, Louisiana, Mississippi, and Texas.

How much renewable energy is Entergy (ETR) already developing with NextEra?

Entergy is already working on over 1.7 GW of renewable energy projects with NextEra.

What is the goal of the Entergy and NextEra Energy Resources agreement?

The goal is to provide low-cost, renewable energy and meet growing electricity demand.