Nextera Energy Partners has signed an agreement with a subsidiary of NextEra Energy Resources for the acquisition of a 50% interest in a contracted renewable projects portfolio, with more than 2.5GW capacity, for nearly $849m.

The total consideration includes NextEra Energy Partners’ share of the total tax equity financings of the renewable projects portfolio and is estimated to be nearly $866m at the completion of the transaction.

For this acquisition, NextEra Energy Partners signed a convertible equity portfolio financing agreement of approximately $824m with Apollo Global Management.

The portfolio in which NextEra Energy Partners intends to acquire the stake includes solar, wind and solar-plus-storage projects.

As part of the deal, NextEra Energy Partners will acquire seven wind farms. Two of these projects are located in Texas, namely White Mesa Wind, with a 501MW capacity, and Hubbard Wind, with nearly 300MW of capacity.

The Irish Creek Wind and Ensign Wind Energy projects in Kansas have approximately 301MW and 99MW energy generation capacity, respectively.

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The other three wind farms included in the deal are Little Blue Wind (251MW), Minco Wind Energy III (107MW) and Borderlands Wind (99MW) located in Nebraska, Oklahoma and New Mexico, respectively.

Solar projects that are part of the deal include Elora Solar (150MW) in Tennessee, Quitman II Solar (approximately 150MW) in Georgia, and Quinebaug Solar (approximately 49MW) in Connecticut.

The deal also includes Fish Springs Ranch Solar, a nearly 100MW solar generation and 25MW solar storage facility, as well as Dodge Flat Solar, with 200MW solar generation capacity and 50MW solar storage facility, both of which are located in Nevada.

The Cool Springs Solar facility, with 213MW solar generation and 40MW solar storage capacity, is located in the state of Georgia.

NextEra Energy chairman and CEO Jim Robo said: “The transactions announced today support NextEra Energy Partners’ continued ability to execute on its long-term growth plan and access attractive low-cost sources of capital.

“The acquisition of the high-quality, long-term contracted renewable energy assets extends the partnership’s geographic footprint into three new states and expands its ownership of battery storage assets, which would total nearly 90MW at close.”

Completion of the transaction is subject to customary closing conditions and regulatory approvals. It is expected to take place either before the end of the year or early next year.