NextEra Energy will develop up to 10 gigawatts of natural gas-powered generation with government-backed funding from the U.S. and Japan.
NextEra Energy announced agreements with the U.S. Department of Commerce and the Japanese government to finance up to 10 GW of natural gas-powered generation in Texas and Pennsylvania. The projects aim to bolster energy capacity amid rising demand for reliable power sources.
The deal follows growing interest in gas as a transitional fuel, with prior investments in similar projects totaling billions in recent years. NextEra, a major player in renewable and conventional energy, has expanded its gas portfolio to complement its wind and solar assets.
Shares of NextEra Energy (NEE) were inactive in after-hours trading following the announcement.