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Nextera Energy Partners will acquire 299MW wind projects in Oklahoma, US

CTBR Staff Writer Published 23 February 2016

Nextera Energy Partners, a Florida based energy company has agreed to acquire Seiling I & II Wind Energy Centers, wind generation facilities in Oklahoma.

The company will acquire wind generation facilities from its sponsors, NextEra Energy Resources, which have a combined power generation capacity of 299.2MW.

Nextera Energy Partners will pay$323m for the site and $200m in tax equity financing.

With this acquisition, the Nextera Energy's portfolio of contracted renewable energy projects will be approximately 2500MW.

Nextera Energy Partners, chairman and chief executive officer, Jim Robo said: "We are pleased to announce the acquisition of these two high-quality wind energy centers, both of which are fully contracted with long-term power purchase contracts in place with strong creditworthy counterparties."

"This acquisition represents yet another example of the strength of the pipeline of organic growth opportunities that our sponsor, NextEra Energy Resources, provides and positions us to advance our growth strategy and deliver unitholder distributions consistent with the expectations we've outlined."

The company expects that the acquisition will be completed by the first quarter of 2016.

The purchase price is subject to working capital adjustments.

The partnership expects to fund the transaction, in part, through the net proceeds of an issuance of common units, with the balance expected to be funded through a draw under a subsidiary of NextEra Energy Partners' revolving credit facility.

The company expects that with this acquisition, it will gain a 3.7% of growth in this quarter itself and it is expecting that will help in achieving its goal of 12% to 15% growth per annum through 2020.