The 10 largest wind and solar developers in the US plan to build a collective 95,808 MW of capacity over a five-year period through 2027, compared to a planned capacity of 93,476 MW as of the end of the fourth quarter of 2022.

Of the total, the top developers have a collective solar project pipeline of 57,149 MW as of the end of the first quarter, or nearly 60% of the overall capacity, and a wind project pipeline of 38,659 MW, according to S&P Global Market Intelligence data.

Some of the projects, especially those in earlier phases, may not be completed. About 6.5%, or 6,274 MW, of wind and solar energy projects in the pipeline are under construction.

Meanwhile, 14,017 MW is in the advanced development phase, representing 14.6% of the 95.8-GW pipeline. Nearly 54% of the capacity, or 51,590 MW, is in the early development phase, and projects totaling 23,926 MW have been announced, or almost 25% of the pipeline.

NextEra Energy Inc. remains by far the largest owner of planned wind and solar installations in the US through 2027, with a combined project pipeline of 18,811 MW. Of that, 15,276 MW, or 81%, are solar projects.

Invenergy LLC came in second, with a combined wind and solar project pipeline of 12,041 MW. Nearly 69% of the capacity consists of solar energy projects.

Electricité de France SA (EDF) replaced Apex Clean Energy Inc. as the third-largest wind and solar developer, with 11,640 MW of capacity under development. Approximately 75% of EDF's total represents solar energy projects. Apex finished the quarter with a combined project pipeline of 10,296 MW, of which 66% is wind energy.

S&P Global Market Intelligence considers a project as under construction when building activity has begun; site preparation does not qualify. Projects in advanced development must meet two of five criteria: Financing is in place; power purchase agreements are signed; equipment is secured; required permits are approved; or a contractor has signed on to the project. A project is considered in early development after permitting begins. An announced project must have a listing in an interconnection queue with an accompanying public announcement or permitting action.

S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro.