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NextEra Energy Partners to acquire stakes in 691MW renewable assets for $812m

CTBR Staff Writer Published 27 October 2017

NextEra Energy Partners (NEP) has agreed to acquire wind and solar assets totalling 691MW in the US from NextEra Energy Resources for an amount of $812m.

As per the agreement, NextEra will acquire 149.7MW Brady Wind I and 149MW Brady Wind II wind farms located in Stark and Hettinger counties, North Dakota, respectively.

It will also be acquiring 25.9% stake in Desert Sunlight 250 and Desert Sunlight 300 solar plants located in Riverside County, California. The fifth asset is the 249.7MW Javelina I wind far in Webb County, Texas.

For these acquisitions, NextEra will also assume $459m in liabilities related to tax equity financings. The transaction amount is expected to be funded through the issuance of $550m of previously announced convertible preferred units.

The acquisitions are expected to close by the end of this year, subject to customary closing conditions and the receipt of regulatory approvals.

NextEra Energy Partners chairman and CEO Jim Robo said: "We continue to make excellent progress against our strategic and growth initiatives for the year.

"Today, we are announcing an agreement to acquire approximately 691 megawatts 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."

In July last year, NextEra Energy Partners had acquired two US wind farms totalling 285MW from its sponsor, NextEra Energy Resources.

The yieldco acquired the 199MW Cedar Bluff Wind Energy Center in Kansas and the 86MW Golden Hills Wind Energy Center in California for about $312m,

In February 2016, it had also acquired Seiling I & II Wind Energy Centers, the wind generation facilities with a combined power generation capacity of 299.2MW, in Oklahoma.

Image: NextEra Energy Partners to add 691MW in renewable to its portfolio. Photo: Courtesy of Ali Farid/FreeImages.com.