NextEra Energy Resources to sell 2.5 MW of renewable assets

NextEra Energy Resources is selling a 50 percent non-controlling interest in a 2,520-megawatt (MW) portfolio of contracted renewables assets to the Ontario Teachers’ Pension Plan Board, one of the world’s largest pension plans.

The remaining 50 percent interest in the portfolio will be sold to NextEra Energy Partners. NextEra Energy expects to sell the assets for approximately $866 million.

The proceeds from the sale are expected to be invested in new wind, solar, and battery storage opportunities. NextEra Energy Resources is also expected to receive an annual fee income of approximately $16 million in year one and escalating thereafter.

“In addition to generating attractive ongoing fee income, the sale of 50% of the portfolio to NextEra Energy Partners and 50% to a high-quality partner like Ontario Teachers’ provides an opportunity to take advantage of the robust demand for high-quality, long-term contracted renewable energy assets and efficiently recycle nearly $3.4 billion in total capital that is expected to be redeployed into new renewables growth opportunities,” Jim Robo, NextEra Energy chairman and CEO, said. “The transactions highlight the value of NextEra Energy Resources’ best-in-class development platform and position us well to continue to capitalize on the robust renewables development environment that is driving the clean energy transformation reshaping our industry.”

The sale consists of 50 percent of the indirect membership interests in White Mesa Wind, a 501-MW wind generation facility in Texas; Irish Creek Wind, a 301-MW wind generation facility in Kansas; Hubbard Wind, a 300-MW wind generation facility in Texas; Cool Springs Solar, a 213-MW solar generation and 40-MW solar storage facility in Georgia; Little Blue Wind, a 251-MW wind generation facility in Nebraska; Dodge Flat Solar, a 200-MW solar generation and 50-MW solar storage facility in Nevada; Elora Solar, a 150-MW solar generation facility in Tennessee; Quitman II Solar, a 150-MW solar generation facility in Georgia; Fish Springs Ranch Solar, a 100-MW solar generation and 25-MW solar storage facility in Nevada; Minco Wind Energy III, a 107-MW wind generation facility in Oklahoma; Ensign Wind Energy, a 99-MW wind generation facility in Kansas; Borderlands Wind, a 99-MW wind generation facility in New Mexico; and Quinebaug Solar, a 49-MW solar generation facility in Connecticut.

NextEra Energy expects to close the transaction later this year or in early 2022, subject to regulatory approvals.