NextEra Energy Partners to Purchase Renewables Portfolio for $805M

NextEra Energy Partners has signed an agreement with subsidiaries of NextEra Energy Resources to acquire a portfolio of renewable projects for $805 million.

The acquisition includes a 49% interest in Emerald Breeze, a portfolio holding company that has about 1.5GW of solar and wind generation resources. NextEra would also acquire 100% of the indirect membership interests in an about 345MW portfolio of operating wind assets.

The company plans to integrate its stake in the newly acquired projects, along with that in six existing renewables assets into a new portfolio: Alta Wind VIII, Brady Wind, Brady Wind II, Golden West Wind, Osborn Wind and Oliver Wind III.

In conjunction with the acquisition and creation of the new portfolio, NextEra has entered a convertible equity portfolio financing with Ontario Teachers’ Pension Plan Board to invest $805 million into the new portfolio.

Ontario Teachers will initially fund around $645 million to finance the acquisition, and the second funding of around $160 million by the end of the third quarter of 2023.

NextEra Energy chairman and chief executive officer John Ketchum said, “The transactions announced today demonstrate NextEra Energy Partners’ continued ability to execute on its long-term growth plan and continued access to attractive low-cost sources of capital.”