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NextEra to Add 4.5 Gigawatts of Solar, Storage in US South

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(Bloomberg) —

A unit of clean power giant NextEra Energy Inc. will develop as much as 4.5 gigawatts of new solar and energy storage projects in an agreement with Entergy Corp., in a bet on renewables to meet a dramatic rise in electricity demand. 

The five-year agreement will provide power to customers in Arkansas, Louisiana, Mississippi and Texas, according to a Friday news release. The new projects are in addition to 1.7 gigawatts of renewable energy that NextEra Energy Resources is already building with Louisiana-based power company Entergy.

A gigawatt is roughly the output of a nuclear reactor and can power about 750,000 homes.

US demand for electricity has increased rapidly thanks to data centers, manufacturing and the electrification of vehicles and other sectors. That has led to a boom in the development of clean energy generation as well as plans for new fossil fuel generation. 

Read More: AI Driving US Power Growth Forecast by 81%, NextEra Says

The agreement has the potential to dramatically increase the amount of solar power in some of the states where Entergy operates. Texas already has a massive amount of solar power with more than 32 gigawatts, but Arkansas only has about 1 gigawatt while Louisiana and Mississippi have even less, according to data on the Solar Energy Industries association website

An Entergy representative said some projects could take longer than five years to start generating power. It’s not clear which states would see the most development. A NextEra representative declined to comment beyond the release. 

(Updates with company comment and background on solar power in various states.)

© 2024 Bloomberg L.P.

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