US clean energy company NextEra Energy Partners LP (NYSE:NEP) has agreed to buy about 691 MW of geographically diverse wind and solar assets from NextEra Energy Resources LLC.
NEP announced the deal on Thursday together with the company’s third-quarter (Q3) financial results. Under the terms of the agreement, the company will acquire the 149.7-MW Brady Wind I and 149-MW Brady Wind II parks in North Dakota, as well as the 249.7-MW Javelina I wind energy centre in Texas. Also, it will take a 25.9% stake in Desert Sunlight 250 and Desert Sunlight 300 -- two solar plants in California with individual capacities of 250 MW and 300 MW, respectively.
NEP will pay a total of USD 812 million (EUR 693m) for the assets and will assume some USD 459 million in liabilities related to tax equity financings. It considers around USD 268 million of existing non-recourse project debt related to the Desert Sunlight project.
The transaction, to be funded with proceeds from the issuance of convertible preferred units coupled with existing cash, is expected to close by the end of the year. It is projected to add between USD 185 million and USD 205 million to the company’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) and USD 79 million to USD 89 million to cash available for distribution (CAFD), each on a five-year average annual run-rate basis starting on December 31, 2017.
(USD 1.0 = EUR 0.853)
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