NextEra to Sell 50% Stake in Renewables Portfolio to Ontario Teachers' Pension Plan
November 30 2021 - 8:27AM
Dow Jones News
By Colin Kellaher
NextEra Energy Inc. on Tuesday said it agreed to sell a 50%
stake in a roughly 2,520-megawatt portfolio of long-term contracted
renewables assets to Ontario Teachers' Pension Plan Board, one of
Canada's largest pension funds.
The Juno Beach, Fla., electric power and energy infrastructure
company said the deal includes total consideration of about $849
million, plus the buyer's share of the portfolio's total tax equity
financings, estimated to be $866 million.
NextEra, which in October announced an agreement to sell the
remaining 50% stake in the portfolio to NextEra Energy Partners LP
on similar terms, said it expects to redeploy the sale proceeds
into new wind, solar and battery storage growth opportunities.
The company said it expects to close the transaction later this
year or in early 2022.
Ontario Teachers' Pension Plan, which invests and administers
the pensions of 331,000 active and retired teachers in the province
of Ontario, has net assets topping $178 billion.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 30, 2021 08:12 ET (13:12 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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