NextEra Energy has secured $5.7 billion in initial funding for three federally backed energy hubs in Texas and Pennsylvania. The U.S. Department of Commerce is backing the projects in partnership with the governments of Japan and South Korea. The hubs will generate approximately 16.5 gigawatts of gas-fired power, primarily for large data centers.
Under the agreements, NextEra will develop, construct, and operate the facilities without investing its own capital. It will earn fee-based income equivalent to about half the earnings it would receive from direct ownership. The arrangement is part of NextEra’s strategy to have data centers finance their own power infrastructure.
NextEra also sees potential to build and own 6–11 gigawatts of co-located battery storage.
Separately, the company said it remains on track to close its merger with Dominion Energy in the second half of 2027, despite political and regulatory opposition in Virginia.