06:54 AM EST, 12/04/2024 (MT Newswires) -- Emera ( EMRAF ) on Wednesday announced a five-year capital investment plan of $20 billion through 2029, the largest in the company's history.

Emera ( EMRAF ) confirmed a 7% to 8% average annual growth rate through 2029 and a 5% to 7% average annual adjusted earnings per share growth through 2027 off a $2.96 base.

About 80% of the capital plan will be spent in Florida in response to the state's economic and population growth.

The capital plan focuses on initiatives that include grid reliability and infrastructure modernization, customer-focused investments in new technology, and investments in renewables such as solar, hydro, wind and grid-scale battery storage.

In addition, the Florida Public Service Commission approved essentially all of Emera ( EMRAF ) subsidiary Tampa Electric's capital plan based on a midpoint return on equity of 10.5%, with an allowed range of 9.5% to 11.5%. New rates will take effect in January 2025.

Emera ( EMRAF ) will provide more details on its strategic initiatives and growth plans during its Investor Day event on Wednesday.