NextEra Energy acquires around 285MW of wind projects

6 July 2016 (Last Updated July 6th, 2016 18:30)

US-based renewable energy company NextEra Energy Partners has acquired nearly 285MW of contracted renewable projects from a subsidiary of its sponsor NextEra Energy Resources.

US-based renewable energy company NextEra Energy Partners has acquired nearly 285MW of contracted renewable projects from a subsidiary of its sponsor NextEra Energy Resources.

The acquisition includes modern wind facilities Cedar Bluff Wind Energy Centre and Golden Hills Wind Energy Centre, which were commissioned last year with GE technology.

NextEra Energy Partners acquired the wind facilities for approximately $312m, along with the assumption of nearly $253m in liabilities related to tax equity financing.

The company's chairman and CEO Jim Robo said: "This transaction once again demonstrates the strong and visible runway for future growth opportunities from our sponsor, NextEra Energy Resources, which we believe is a core strength of the partnership's value proposition.

"NextEra Energy Partners acquired the wind facilities for approximately $312m."

"The partnership's already strong and flexible financial position for the year is further advanced by these high-quality projects expected to provide an attractive yield to investors."

With the acquisition, NextEra Energy Partners has been able to expand its portfolio of contracted renewable projects to about 2,656MW, which excludes ownership interests in equity method investments.

The 199MW Cedar Bluff is located in Kansas, while the 86MW Golden Hills is located in California. They are contracted under long-term power purchase agreements with strong creditworthy counterparties and remaining contract lives of nearly 20 years.