US-based renewable energy company NextEra Energy Partners has signed a definitive agreement to acquire a 391MW wind portfolio in the US from Brookfield Renewable.

The deal covers three facilities in California, namely Alta Wind VIII, Windstar and Coram, as well as the Granite facility in New Hampshire.

Alta Wind VIII, Windstar and Coram have maximum capacities of 150MW, 120MW and 22MW respectively, while Granite has a maximum capacity of 99MW.

The portfolio has been acquired for a base purchase price of $733m.

Nextera Energy Partners chairman and CEO Jim Robo said: “This transaction demonstrates our continued ability to execute our long-term growth plan.

“This acquisition of around 400MW of long-term contracted wind projects with high-credit-quality customers further enhances the diversity of the partnership’s existing portfolio.

“This portfolio is an attractive acquisition for us and is supported by our ability to use NextEra Energy Resources‘ best-in-class operating platform to reduce costs and create value for LP unitholders.

“The assets are well-situated in strong markets with long-term renewables demand, providing long-term optionality for the portfolio.”

The majority of the clean energy generated by the wind facilities is contracted with investment-grade counterparties.

They are expected to contribute adjusted EBITDA and CAFD of around $63 to $70m, each on a five-year average run-rate basis, starting from 31 December 2021.

To fund this acquisition, NextEra Energy plans to use a combination of undrawn funds remaining from its convertible equity portfolio financing and existing debt capacity for last year.

The deal is expected to close in the third quarter of this year, subject to customary closing conditions and the receipt of regulatory approvals.

In 2018, NextEra Energy Partners agreed to acquire a portfolio of 11 wind and solar projects located across the US for a total consideration of $1.275bn.