Last Friday, NextEra Energy, Inc.'s (NYSE:NEE) subsidiary and Entergy Corporation (NYSE:ETR) disclosed a five-year joint development deal to accelerate the development of up to 4.5 gigawatts (GW) of new solar generation and energy storage projects.

The agreement aims to facilitate the development and construction of new solar generation and energy storage projects.

Rod West, group president of utility operations for Entergy, stated, "We're excited about this joint development agreement, which will enable Entergy to provide our customers with low-cost, renewable energy as demand grows across Arkansas, Louisiana, Mississippi and Texas."

Also Read: NextEra's Boss Says AI Is Going To Shoot Up Our Electric Bills By 81%

Rebecca Kujawa, president and chief executive officer of NextEra Energy Resources, commented, "We believe the power sector is at an inflection point, and growing electricity demand will be met by low-cost, renewable generation and storage."

Investors can gain exposure to ETR and NEE stock via Virtus Reaves Utilities ETF (NYSE:UTES).

Price Action: ETR shares are down 0.80% at $107.60 and NEE is up 1.31% at $76.38 at the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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