NextEra Energy Partners bags USD 443m in total IPO proceeds

Jul 3, 2014 - US renewable energy assets owner NextEra Energy Partners LP (NYSE:NEP) said on Tuesday it had raised a total of USD 442.7 million (EUR 324m) in net proceeds from its now-completed listing in New York, including over-allotments.

As previously announced, the company priced its initial public offering (IPO) at USD 25.00 per limited partner interest (unit). It sold 16.25 million common units as part of the offering plus an additional 2.44 million to cover over-allotments.

The Florida-based firm, which is a unit of NextEra Energy (NYSE:NEE) and holds interests in nearly 1 GW of wind and solar projects, plans to use some of the IPO proceeds to buy common units in NextEra Energy Operating Partners LP. The latter holds the partnerships’ project assets.

The NextEra "yieldco" subsidiary already has stakes in seven wind and three solar parks in North America.

Bank of America Merrill Lynch, Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) served as joint bookrunning managers for the transaction.

(USD 1.0 = EUR 0.732)

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