Entergy (NYSE: ETR) and NextEra Energy Resources LLC, a subsidiary of NextEra Energy Inc. (NYSE: NEE), today announced a joint development agreement that will accelerate the development of up to 4.5 gigawatts (GW) of new solar generation and energy storage projects. The agreement represents significant progress toward Entergy's growing portfolio of renewable generation.

"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," said Rod West, group president of utility operations for Entergy.

"We believe the power sector is at an inflection point, and growing electricity demand will be met by low-cost, renewable generation and storage," said Rebecca Kujawa, president and chief executive officer of NextEra Energy Resources. "We're pleased to reach this agreement because it further strengthens our long-standing collaboration and adds up to 4.5 GW on top of the more than 1.7 GW of renewable energy projects already underway with Entergy."

The five-year joint development agreement is expected to facilitate the development and construction of new solar generation and energy storage projects.