Wind, solar developments to receive $5.8bn from NextEra

NextEra Energy Resources LLC, a unit of NextEra Energy Inc. (NYSE: NEE), plans to spend as much as $5.8 billion in the next three years to build wind and solar projects.

Bloomberg reports that NextEra plans to spend between $2.3 billion to $2.7 billion through 2014 on solar projects, and $2.7 billion to $3.1 billion on wind farms. The projects will reportedly supply electricity for power purchase agreements (PPA) it has already completed or expects to complete soon.

NextEra said it signed 632 MW of PPAs for wind farms since 1Q 2011, including 469 MW for projects in Canada that the company expects to come online in 2013 and 2014.

The company has power contracts totaling more than 1.1 GW of wind projects in the U.S. and Canada that entered service this year or are expected to do so by 2012. NextEra said in a statement it plans to add 1,400 MW to 2,000 MW of wind to its portfolio in 2011 and 2012 combined.

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