NextEra Energy posted earnings of $1bn in the second quarter of 2018, 14% up on the $881m reported in the same period last year.



Net income stood at $795m in the period, up slightly on the $793m reported in 2017.

The company's NextEra Energy Resources business added over 1.6GW of renewables projects to its backlog.This was made up of 300MW of new wind and 535MW of repowering projects, 692MW of solar schemes and 90MW of energy storage, the company said.NextEra's Florida Power & Light subsidiary started construction of four 74.5MW solar farms, which are part of the company's plans to add more than 3.2GW in Florida in the coming years.NextEra Energy chairman and chief executive Jim Robb said: “We continue to believe that NextEra Energy has excellent prospects for growth and one of the strongest balance sheets in the sector. We are well-positioned to meet our full-year financial expectations.”The NextEra Energy Partners business reported earnings of $253m for the period, up 29% compared with last year.A 396MW portfolio of Canadian wind and solar projects were sold during the quarter for $573m, the company said.Robb said the deal is expected to be “accretive to long-term growth, as the proceeds are expected to be redeployed into higher-yielding assets in the US later this year that would benefit from the lower effective corporate tax rate and longer tax shield”.