Independent power producer (IPP) NextEra Energy Resources and Meta have signed 11 power purchase agreements (PPAs) and two energy storage agreements (ESAs) totalling 2.5GW of clean energy projects.
168MW of battery energy storage system (BESS) capacity will be used to support the utility Public Service Company of New Mexico (PNM) through PNM’s Rate 36B. Rate 36B enables Meta and other customers to contract for and support clean energy projects on PNM’s system more efficiently.
NextEra did not specify the duration of the BESS or contract lengths of the PPAs. In November, Energy-Storage.news Premium reported that PNM was seeking offtake agreements with three hybrid BESS projects in New Mexico.
This included two project from NextEra, Star Light Energy Centre, a 100MW/400MWh BESS and Windy Lane Energy Centre, a 68MW/272MWh BESS.
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Given the 168MW figure, it appears likely that the ESAs are for these two projects and will have 20-year PPAs.
NextEra and Meta also executed PPAs enabling 2.1GW of renewable energy through nine solar projects across the Electric Reliability Council of Texas (ERCOT), Southwest Power Pool (SPP), and Midcontinent Independent System Operator (MISO) markets.
Along with the 168MW BESS project, PNM signed PPAs for 190MW of solar PV projects in New Mexico, also through its Rate 36B.
Overall, the 2.5GW from 13 projects is planned to come online between 2026 and 2028, which the companies claim will generate up to 2,440 construction jobs, boosting local economies and fostering innovation.
These projects build on nearly 500MW of operating projects that Meta is already supporting through previous agreements with NextEra.
In September, Nexus Renewable Power announced the closing of US$220 million of project funding for the MRG Goody solar-plus-storage project located in Lamar County, Texas, for which Meta will also be the offtaker.
In October 2024, Danish renewable energy company Ørsted and US utility Salt River Project (SRP) confirmed that their 300MW solar-plus-storage project in Pinal County, Arizona, with a PPA with Meta, commenced operations.
The news was announced as NextEra Energy Resources’ parent company NextEra Energy held its Investor Conference, announcing around half a dozen other new contracts for its developer-IPP and transmission subsidiaries with various offtakers, including nuclear and natural gas deals.
The company emphasised the role of renewable energy and energy storage technologies as “now and long-term” growth drivers in an investor presentation deck, with nuclear and gas expected to drive growth from 2029 onwards.
