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Project Tracking Review: Top 10 US Renewable Developers

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Ambitions to electrify transportation, a rise in supportive federal incentives and continued participation of oil and gas companies in the electricity value chain have spurred a transformative shift in the energy industry. What might surprise some is the rapid pace of the change.

Five years ago, clean power was viewed as a tumultuous and fragmented business among industry professionals. It was riddled with risk and companies struggled to turn a profit. Today, there is a strong M&A market for renewable assets and it’s considered a safe investment, with pension funds and insurers competing to add large assets to their portfolios.

Like any emerging industry, investing in clean energy has its own set of risks. As mentioned in a previous blog, most developers finish only one of every five projects in their portfolio. However, it’s hard to ignore an industry that’s receiving estimated annual investments of around $75 billion per year and expected to grow.

Whether you’re a developer, operator, investor or company exploring new opportunities in the renewable space, you should get to know these 10 companies. Over the last decade, they’ve added a little more than 33.3 gigawatts (GW) to their combined renewables portfolios. Below is a list of the top 10 U.S. renewable developers by total megawatt (MW) capacity as of Sept. 15, 2021, available within the Enverus Foundations Power & Renewables platform. It’s important to note that our analysis focused on projects where the respected company was the sole developer. Existing Foundations clients with the Enverus P&R | Project Tracking Analytics add-on can dive deeper and analyze the data here.

Figure 1 | Top 10 U.S. Renewable Developers by Megawatt

Figure 2 | Annual Renewable Capacity Additions for the Group

1) NextEra Energy
Renewable Capacity: 41,916 (MW) Market Cap: $165B Location: Juno Beach, Fla.
NextEra Energy is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world’s largest generator of renewable energy from the wind and sun and a world leader in battery storage.

 

2) Invenergy
Renewable Capacity: 28,384 (MW) Market Cap: Private Location: Chicago
Invenergy and its affiliated companies develop, own and operate large-scale renewable and other clean energy generation and storage facilities in the U.S. and Europe. Invenergy’s home office is in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan and Europe. Invenergy and its affiliated companies have developed more than 29,000 MW of projects that are in operation, construction or contracted, including wind, solar, natural gas-fueled power generation and energy storage projects.

 

3) EDF Renewable
Renewable Capacity: 17,086 (MW) Market Cap: $34.47B Location: San Diego
EDF Renewables is an industry leader in wind, solar and biogas project development, and a premier provider of operation and maintenance services throughout North America. EDF also provides extensive services along the entire value chain, from site selection to asset management.

 

4) Apex Clean Energy
Renewable Capacity: 15,406 (MW) Market Cap: Private Location: Charlottesville, Va.
Apex Clean Energy builds, owns and operates utility-scale wind and solar power facilities. Apex was the U.S. market leader in 2015 and has brought nearly 1,700 MW online over the past two years. With a team of more than 200 professionals and the nation’s largest wind energy project pipeline, Apex is one of the leaders in the transition to a clean energy future.

 

5) Avangrid Renewables
Renewable Capacity: 14,465 (MW) Market Cap: $20.17B Location: Orange, Conn.
Avangrid Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $32 billion in assets and operations in 24 U.S. states. Avangrid has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving 3.2 million customers in New York and New England. Avangrid Renewables owns and operates 7.2 GW of electricity capacity, primarily through wind power, with a presence in 22 states across the United States.

 

6) 8minute Solar Energy
Renewable Capacity: 12,164 (MW) Market Cap: Subsidiary Location: Folsom, Calif.
8minutenergy develops, finances, engineers, constructs, holds, operates and maintains solar projects. Their projects target all regions of the United States, including California — the largest renewable energy market in the U.S. — where demand for their power is considerable. 8minutenergy also acquires and develops projects that are ready for construction.

 

7) EDP Renewables North America
Renewable Capacity: 10,668 (MW) Market Cap: $21.79B Location: Houston
EDP Renewables North America LLC (EDPR NA) and its subsidiaries develop, construct, own and operate wind farms and solar parks throughout North America. Headquartered in Houston with 48 wind farms, five solar parks and 13 regional and development offices across North America, EDPR NA has developed more than 6,700 MW and operates more than 6,100 MW of renewable energy projects. EDPR NA is owned by EDP Renováveis, S.A. (EDPR).

 

8) Clēnera
Renewable Capacity: 9,797 (MW) Market Cap: Private Location: Boise, Idaho
Clēnera specializes in solar energy project development, construction, finance and management. The company was established to develop, acquire and operate smart solar energy projects throughout North America. In partnership with CRE, Clēnera combines deep capital and tax equity capacity, with strong technology, development, engineering, construction and operations management experience. Working closely with developers, Clēnera helps make smart projects successful.

 

9) Hecate Energy
Renewable Capacity: 9,279 (MW) Market Cap: Private Location: Nashville, Tenn.
Hecate Energy is a developer, owner and operator of power plants in North America and internationally. Hecate Energy brings together business acumen, technical understanding and significant experience in the industry to develop world-class power projects. The company specializes in solar and wind power, natural gas plants and energy storage, unearthing creative approaches to structuring PPAs and financing power projects. Hecate Energy believes in collaborative, long-term partnerships with the communities, organizations and the countries it serves.

 

10)  First Solar
Renewable Capacity: 8,601 (MW) Market Cap: $11.23B Location: Tempe, Ariz.
First Solar is a global provider of comprehensive photovoltaic solar systems which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment.

As the industry continues to prosper, it is more important than ever to respond quickly with confident, data-driven decisions. Enverus Foundations brings clean, analytics-ready data into an intuitive platform, empowering you to get straight to higher-value analysis and insights. For detailed renewable energy data designed for project tracking and project developers, access your preview of Enverus Foundations™ | Power & Renewables here.

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Dian Volschenk is the strategic marketing content manager at Enverus. Dian joined Enverus in 2017 and initially focused on global crude supply and offshore field modeling. He now creates, writes, and manages content to achieve strategic business goals. Dian brings industry and research experience from working at Suncor Energy and the University of Alberta School of Business. He graduated from the University of Alberta with a degree in economics and a degree in finance.