NextEra Energy Inc. (NEE) announced that its unit, Florida Power & Light Company, has developed the world’s very first hybrid solar power unit, the Martin Next Generation Solar Energy Center.
The Martin next-generation solar power center is spread over 500 acres in western Martin County, Florida and has more than 190,000 solar thermal mirrors connected with an existing combined-cycle natural gas power plant. The advanced technology used in the hybrid plant helps to tap the rays of the sun to create power thereby offsetting the usage of fossil fuels.
We have always appreciated the pursuit of green projects with its dual benefits of not only lowering the usage of fossil fuel but also cutting down on green house emissions. This new solar project will lower the consumption of fossil fuels by 41 billion cubic feet of natural gas and more than 600,000 barrels of oil, which in turn will reduce the emission of 2.75 million tons of greenhouse gas over the lifetime of the facility.
The Martin Next Generation Energy Center, the third of its kind undertaken by the company in Florida, will be able to generate 75 megawatts (MW) of green power. Together, the three renewable projects will generate 110 MW of green power.
NextEra is steadfast in the development of its renewable energy portfolio in Florida and to that end has secured and permitted sites where potentially more than 500 MW of new solar power can be generated.
Apart from developing its renewable energy portfolio in the US, the company has also expanded its generation footprint in other countries. In December 2010, the company decided to buy four solar photovoltaic (PV) projects in Ontario, Canada from First Solar Inc. (FSLR), which will enhance its total generation capacity by 40 MW.
NextEra Energy’s peer Progress Energy Inc. (PGN) has also worked considerably to develop its alternate energy generation portfolio. The latter also assisted its consumers to use energy efficiently and effectively, which helped in saving power worth 243 million kilowatt hours through out the Carolinas and Florida.
NextEra Energy currently retains a Zacks #3 Rank (short-term Hold rating). We maintain our long-term Neutral rating on the stock.
Based in Juno Beach, Florida, NextEra Energy Inc., through its subsidiaries, engages in the generation, transmission, distribution and sale of electric energy in Florida.
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