NextEra Energy Inc., the energy company waiting on regulatory approval to buy Hawaii’s largest electric utility, said Thursday its first quarter profit was $636 million, or $1.37 a share, down 2 percent from $650 million, or $1.45 a share, in the first quarter last year after increased investments in renewables and natural gas pipelines.

Revenue in the quarter totaled $3.8 billion, down from $4.1 billion a year ago.

NextEra offered to buy Hawaiian Electric Industries — parent company for Hawaiian Electric Co., Maui Electric Co. and Hawaii Electric Light Co. — for $4.3 billion in December 2014. The state Public Utilities Commission is currently reviewing the application. HEI and NextEra said that the purchase agreement expires June 3. State regulators have said they do not view that as a deadline for their decision.

NextEra has two principal subsidiaries, Florida Power & Light and NextEra Energy Resources. First quarter profit for NextEra Energy Resources, the energy resources development subsidiary of NextEra, was $224 million, or $0.48 a share, a decline from $280 million, or $0.62 a share, in the quarter prior.

“NextEra Energy Resources is well-positioned to capitalize on what we believe is one of the best environments for renewables development in recent history,” said Jim Robo, chairman and chief executive officer of NextEra Energy.

During the first quarter, NextEra Energy Resources signed contracts for approximately 250 megawatts of wind in the United States for delivery after 2016. Earlier in April, the company finalized the purchase of a 100-megawatt wind facility located in New Mexico.

Over the last decade, NextEra Energy Resources invested roughly $23 billion in wind and solar generation. In 2015, the business signed contracts for approximately 2,100 megawatts of new renewables projects.

The company said with the additions and the purchase of the New Mexico wind facility, NextEra Energy Resources’ total 2015-2016 renewables development is more than 4,000 megawatts.

Florida Power & Light is a rate-regulated electric utility that serves 4.8 million customers in Florida. FPL reported first-quarter 2016 net income of $393 million, or $0.85 a share, up from $359 million, or $0.80 a share, for the prior-year quarter. FPL first-quarter retail sales increased 0.4 percent year-over-year, due in part to a leap year day in 2016.

“FPL performed well during the quarter, with growth driven primarily by investments in the business to further strengthen its customer value proposition,” Robo said.

During the quarter, the electric utility requested a base rate adjustment that would increase customer bills by 2.8 percent every year from January 2016 through 2020.

FPL said the increase would allow for more investments to modernize its power plant system and improve the reliability and resiliency of its grid for customers. FPL’s proposal includes three adjustments to base revenue, including $866 million in January 2017, $262 million in January 2018 and $209 million in mid-2019.