NextEra Energy Marketing announces formation of Great Pee Dee Mitigation Bank

Rhea-AI Summary

NextEra Energy Marketing has established the Great Pee Dee Mitigation Bank (GPDMB) in South Carolina, approved by the state's Interagency Review Team in February 2021. Covering approximately 1,100 acres, the GPDMB aims to restore local streams and wetlands while providing environmental credits to support economic development in the region. With plans to plant nearly 300,000 native trees and restore over seven miles of streams, the initiative will facilitate permit approvals for developers. This project reflects NextEra's commitment to sustainability as a leading clean energy provider.

Positive

• Formation of the Great Pee Dee Mitigation Bank aids local economic development.
• Projected restoration of over seven miles of streams, enhancing environmental integrity.
• Planting of nearly 300,000 native trees supports biodiversity.

Negative

• None.

JUNO BEACH, Fla., March 17, 2021 /PRNewswire/ -- NextEra Energy Marketing, LLC, a wholly owned subsidiary of NextEra Energy Resources, LLC, today announced that it has formed the Great Pee Dee Mitigation Bank (GPDMB) in northeastern South Carolina. The GPDMB was approved by South Carolina's Interagency Review Team (IRT) in February 2021, along with the first release of stream and wetland mitigation credits.

The Pee Dee Mitigation Bank will benefit economic development efforts in the Pee Dee region of South Carolina, providing environmental credits to all or portions of the following counties:  Chesterfield, Darlington, Dillon, Florence, Kershaw, Lancaster, Lee, Marion and Marlboro.

"We are thrilled to begin working to restore the streams and wetlands in the Pee Dee region," said John Ketchum, president and chief executive officer of NextEra Energy Resources. "The Pee Dee Mitigation Bank is an excellent example of our commitment to environmental sustainability and stewardship. In addition to the environmental benefits that will be derived from this project, we believe the mitigation credits will enhance economic development efforts throughout the Pee Dee region by facilitating permit approvals for developers."

The approximately 1,100-acre GPDMB site, which was formerly used for timber harvesting, is protected in perpetuity through a conservation easement that is being managed by a local nonprofit, Pee Dee Land Trust.  Construction on the mitigation bank, which is expected to begin later this year, will focus on repairing damaged streams and wetlands on the site. The work planned for the site includes restoring/preserving over seven miles of streams, including close to two miles of the Great Pee Dee River front. Almost 300,000 native trees will be planted as part of the site restoration activities that include flattening and widening stream banks, removing obstructions that interfere with stream flow and removing invasive species. In return for these restoration activities, the United States Army Corps of Engineers along with the IRT will award NextEra Energy Marketing mitigation credits that can be sold to third parties. 

This region of South Carolina has not been served by a mitigation bank and the formation of GPDMB is expected to aid the greater Florence area's economic development plan along with supporting South Carolina Department of Transportation's effort to build and maintain roads throughout the Pee Dee region.

NextEra Energy Resources, LLC is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 23,900 megawatts of total net generating capacity, primarily in 38 states and Canada as of year-end 2020. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun based on 2020 megawatt hours produced on a net generation basis, 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, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.

View original content:http://www.prnewswire.com/news-releases/nextera-energy-marketing-announces-formation-of-great-pee-dee-mitigation-bank-301249313.html

SOURCE NextEra Energy Resources, LLC; NextEra Energy, Inc.

FAQ

What is the Great Pee Dee Mitigation Bank announced by NextEra Energy?

The Great Pee Dee Mitigation Bank is a newly formed mitigation bank aimed at restoring streams and wetlands in South Carolina, approved by the state's Interagency Review Team.

How will the Great Pee Dee Mitigation Bank benefit the Pee Dee region?

The bank will provide environmental credits to support economic development efforts and facilitate permit approvals for developers in the Pee Dee region.

What are the planned restoration activities at the Great Pee Dee Mitigation Bank?

The planned activities include restoring/preserving over seven miles of streams and planting nearly 300,000 native trees.

What is NextEra Energy's position in the clean energy market?

NextEra Energy is recognized as a clean energy leader and the largest generator of renewable energy from wind and solar in the world.

When was the Great Pee Dee Mitigation Bank approved?

The Great Pee Dee Mitigation Bank was approved in February 2021.