Large, diversified wind/solar portfolio

Established development pipeline and execution track record

Procurement and construction cost efficiencies from scale

Stable cash flows supporting investment programs

Constructive regulatory relationships and rate framework (context-dependent)

Grid integration expertise for variable renewables

Asset management, forecasting, and performance optimization

History of raising capital to fund large buildouts

Investment-grade profile (subject to market conditions)

Higher rates increase cost of capital and reduce project returns

Valuation pressure due to long-duration cash flows

Continuous need for financing (debt/equity) to sustain expansion

Potential dilution risk during unfavorable market windows

Large project portfolio increases schedule, cost, and interconnection risks

Supply chain constraints for turbines, modules, transformers

Florida exposure for regulated utility operations (storm and heat risks)

Data centers, AI load, EV adoption, industrial reshoring

Grid modernization and reliability investments

Tax credits and domestic content incentives (where applicable)

State and corporate decarbonization commitments driving PPAs

Battery storage to firm renewables and capture peak pricing

Repowering/optimizing existing sites to improve yields

New lines unlocking higher renewable penetration

Potential partnerships and innovative financing structures

Sustained high interest rates and tighter credit conditions

Refinancing risk and higher hedging costs

Changes to tax incentives, permitting, or market rules

Utility regulation outcomes affecting allowed returns and cost recovery

More developers and utilities pursuing renewables and storage

Merchant pricing volatility impacting uncontracted projects

Extreme weather damaging assets and increasing O&M costs

Supply chain disruptions and commodity price volatility