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NextEra Affiliate to Install 1M Solar Panels at Treasure Coast

NextEra Energy's NEE affiliate Florida Power & Light Company (FPL)  installed the first of nearly 1 million new solar panels along the Treasure Coast at the Solar Energy Center in Indian River Count

A Detailed View

Florida Power & Light has plans to build three new universal solar energy centers in the region. Two of these centers will be located in Indian River County and one in St. Lucie County. These centers will provide cost effective, clean and emission-free energy by early next year.

The company has plans to construct and place a total of eight solar power plants by early 2018. As a result, Treasure Coast facilities are expected to become a part of one of the largest solar expansion plans in the eastern U.S. The entire project will include over 2.5 million solar panels with approximately 600 megawatts of solar capacity, which can power up to 120,000 homes.

Florida Power & Light is teaming up with Veterans Florida, Indian River State College and others. The company also has plans to provide U.S. military veterans with careers in solar.

FPL’s Solar Focus

Owing to favorable weather conditions, Florida holds the ninth rank in the nation when it comes to solar resource. From 2017–2023, FPL plans to add approximately 2,100 MW of new solar power, which includes the 600 MW project. Per the company, its percentage of production from solar will outgrow the same from coal and oil combined by 2020.

The company has been effective in improving its solar portfolio in Florida for over last three decades. It all started with the installation of a 10-kilowatt PV facility in Miami. Presently, the company has more than 335 MW of solar generating capacity throughout the state.

Why Solar Power?

The relaxation of strict environmental regulations has given the coal industry some relief for the time being, which is temporary. However, in the long run availability of the renewable sources like solar, wind and hydro will be the ultimate sources of power generation. Global warming due to emission from generating energy from fossil fuel sources is a serious concern for everyone and the clean renewable sources power sources can lead to a greener future for the planet.

Though, President Trump is highly inclined towards saving the coal industry, companies like NextEra Energy, Xcel Energy Inc. XEL, American Electric Power Co., Inc. AEP, Duke Energy Corporation DUK among other utilities are maintaining their focus on increasing their solar portfolio.

These utility giants realize that solar energy is the future of power generation and regular investment in the solar space will prove to be beneficial in the long run.

Price Movement

In the last six months, shares of NextEra Energy have gained 19.3% compared with the Zacks categorized Utility – Electric Power industry’s gain of 3.4%.

The improvement in economic condition coupled with additions to renewable generation assets, is constantly boosting the performance of the company.

Zacks Rank

NextEra Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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American Electric Power Company, Inc. (AEP): Free Stock Analysis Report
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