NextEra Energy Partners to Acquire 50% Interest in Renewables Portfolio
October 22 2021 - 9:00AM
Dow Jones News
By Michael Dabaie
NextEra Energy Partners LP said it is in an agreement with a
subsidiary of NextEra Energy Resources LLC to acquire a 50%
interest in a renewables portfolio of about 2,520-megawatts.
In conjunction with the deal, NextEra Energy Partners also
entered into an about $824 million convertible equity portfolio
financing with Apollo Global Management.
NextEra Energy Partners said it expects to acquire the interests
in the assets for about $849 million, plus NextEra Energy Partners'
share of the portfolio's total tax-equity financings, estimated at
about $866 million.
NextEra Energy Partners said it expects the deal to contribute
adjusted EBITDA of about $184 million to $194 million and cash
available for distribution of about $58 million to $67 million on a
five-year average annual run-rate basis.
The company said it expects to close the deal later this year or
in early 2022.
The renewables portfolio consists of about 2,520 megawatts of
newly constructed or in-construction renewables projects and about
115 megawatts of integrated battery storage.
The portfolio, expected to be operational at the time of
funding, consists of 13 utility-scale wind and solar assets, three
of which include battery storage, that are diversified across U.S.
power markets, Apollo said. The assets have in place long-term
power purchase agreements with diversified, investment-grade
counterparties, Apollo said.
NextEra Energy Partners said it continues to expect to be in the
upper end of its year-end 2021 run-rate adjusted EBITDA and CAFD
expectations ranges of $1.44 billion to $1.62 billion and $600
million to $680 million, respectively.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
October 22, 2021 08:45 ET (12:45 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Nextera Energy (NYSE:NEE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Nextera Energy (NYSE:NEE)
Historical Stock Chart
From Sep 2023 to Sep 2024