NextEra renewables unit eyes up to USD 341m from IPO

Jun 19, 2014 - NextEra Energy Partners LP (NEP), a unit of US firm NextEra Energy (NYSE:NEE) that holds interests in 1 GW of renewable energy assets, is targeting to raise up to USD 341 million (EUR 250m) from its listing in New York.

In a press release today, the parent company said that NEP has initiated the sale of 16.25 million common units, representing limited partner interests, to the public at an estimated price of between USD 19.00 and USD 21.00 apiece. The company has granted the underwriters of the initial public offering (IPO) a 30-day option to buy up to an additional 2.44 million units, which will further boost the proceeds.

According to an earlier registration statement with the US Securities and Exchange Commission (SEC), NEP has been established to own, operate and purchase contracted renewable energy plants. The Florida-based subsidiary has stakes in seven wind and three solar parks in the US and Canada. It will use a portion of the amount raised in the NYSE IPO to take over project assets held by NextEra Energy Operating Partners LP.

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

(USD 1.0 = EUR 0.734)

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