NextEra Energy plans to invest $5.8bn in the next three years for the development of new renewable energy projects.

The company intends to spend about $2.7bn on developing solar projects and about 3.2bn on wind projects by 2014.

Upon completion, the projects will supply electricity for power purchase contracts it has already completed or expects to complete in the coming years, reports Bloomberg.

Since the first quarter, NextEra has executed contracts for the development of 632MW wind farms including the 469MW projects secured from the Ontario Power Authority.

NextEra chief financial officer Armando Pimentel said the company has about 1.1GW worth of contracts in the US and Canada, and expects to add 2GW of wind power to its current 8.5GW by the end of next year.