Juno Beach, Fla.-based NextEra Energy Inc.’s, the energy company looking to buy Hawaiian Electric Industries, said Tuesday its fourth quarter profit was $884 million, or $2.00 per share, compared to $327 million, or 75 cents per share, in the fourth quarter of 2013, increasing after a strong demand for renewable projects.
Despite low contributions from its gas infrastructure business, new wind and solar investments boosted the company’s earnings from the year before.
For the year, the company reported profit of $2.47 billion, or $5.60 per share, compared to $1.9 billion, or $4.47 per share, in 2013. Revenue was reported as $17.02 billion, compared to $15.14 billion in 2013.
NextEra had one of its best years in new investment opportunities with new renewable energy contracts and the potential purchase of HEI, said NextEra CEO Jim Robo in the news release.
"(We) continue to build what we believe is the largest and best pipeline of new contracted renewables projects in North America." Robo said.
The purchase of HEI would help position the company to be a leader in wind and solar energy generation, Robo said.
"Finally, our agreement to combine with Hawaiian Electric Industries reflects our strategy to grow earnings through regulated businesses and to leverage our position as North America’s leader in wind and solar generation," he said.
Robo said he was confident that the deal would finalize within the year.
"The teams are working on the SEC filings as well as the Hawaii PUC filing for regulatory approval, and things are moving apace," Robo said on a conference call with financial analysts. "I remain optimistic that we’re going to be able to finalize things within a 12-month period here by the end of the year."
Florida Power & Light, Florida-based electric utility owned by NextEra Energy, reported an income of $286 million in the quarter, up from $248 million the year before, driven by more customer accounts.
NextEra Energy Resources, NextEra’s energy business, reported income of $614 million, up from $85 million.
Wind and solar was a primary driver for the energy business in 2014 as NextEra Energy Resources added 1,364 megawatts of wind and 265 megawatts of solar.