NextEra Energy to acquire 691MW renewable power assets for $812m

30 October 2017 (Last Updated October 31st, 2017 10:20)

NextEra Energy Partners has agreed to purchase around 691MW renewable power assets from NextEra Energy Resources for a total consideration of around $812m.

NextEra Energy Partners has agreed to purchase around 691MW renewable power assets from NextEra Energy Resources for a total consideration of around $812m.

The geographically diverse asset acquisition consists of a portfolio of four long-term contracted renewable energy assets.

NextEra Energy Partners chairman and CEO Jim Robo said: “Today, we are announcing an agreement to acquire approximately 691MW of wind and solar assets from NextEra Energy Resources that will further enhance the quality and diversity of our already best-in-class portfolio and, upon closing, will complete our growth objectives for 2017.”

As part of the agreement, NextEra Energy Partners will acquire a 25.9% interest in solar plants Desert Sunlight 250 and Desert Sunlight 300, which are situated in Riverside County, California, US. They have a combined capacity of 550MW.

“As part of the agreement, NextEra Energy Partners will acquire a 25.9% interest in solar plants Desert Sunlight 250 and Desert Sunlight 300.”

The deal also includes the Brady Wind I and Brady Wind II plants in Stark and Hettinger counties of North Dakota, which can generate a combined 298.7MW.

A further 249.7MW wind energy facility in Webb County, Texas, is also part of the asset acquisition portfolio.

This latest deal is subject to working capital and other adjustments, as well as being subject to the assumption of around $459m in liabilities related to tax equity financings and $268m of existing non-recourse project debt associated with the Desert Sunlight project.

The acquisition is due to be closed by the end of this year.