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NextEra Partners to Acquire 391 MW of U.S. Wind Assets

NextEra Energy Partners and Brookfield Renewable have reached a deal about the sale of four wind farms located in California and New Hampshire.

The portfolio is comprised of four wind farms, totaling 391 MW. The assets included are:

  • Alta Wind VIII, 150-MW wind farm in California.
  • Windstar,120-MW wind farm in California.
  • Coram, 22-MW wind farm in California.
  • Granite, 99-MW windfarm in New Hampshire.

"This transaction demonstrates NextEra Energy Partners' continued ability to execute its long-term growth plan," said Jim Robo, chairman and chief executive officer. "This acquisition of approximately 400 megawatts 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 NextEra Energy Partners and is supported by our ability to leverage 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 transaction also provides an accretive investment opportunity to deploy the proceeds from the second draw of our 2020 convertible equity portfolio financing, illustrating NextEra Energy Partners' ability to leverage its value-enhancing financing structures to support long-term growth. NextEra Energy Partners remains on a trajectory to grow our LP distributions per unit by 12% to 15% through 2024, and, in our view, the partnership has never been better positioned to deliver unitholder value going forward."

NextEra Energy Partners expects to acquire the unlevered portfolio for a base purchase price of $733 million, subject to closing adjustments.

NextEra Partners
Windfair Editors
NextEra Partners, Brookfield Renewable, wind farm, USA, California, New Hampshire, MW, portfolio, assets, investment, wind power, sale, acquisition

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