NextEra to sell rest of 2.5-GW renewables portfolio to Ontario Teachers'

The Tuscola Bay II Wind Energy Center. Photo by: NextEra Energy Resources (www.nexteraenergyresources.com)

NextEra Energy Resources LLC, part of NextEra Energy Inc (NYSE:NEE), has signed a new deal that marks its upcoming full divestment of a 2,520-MW portfolio of wind, solar and energy storage assets in the US.

A unit of NextEra Energy Resources has agreed to sell a 50% non-controlling interest in this renewables portfolio to the Ontario Teachers' Pension Plan Board for a total consideration of about USD 849 million (EUR 747m) plus the investor's share of the portfolio's total tax equity financings, estimated at USD 866 million at the time of closing.

In October, the company reached a deal with the same terms for the sale of the other 50% to NextEra Energy Partners LP (NYSE:NEP).

The seller noted that the transaction should be wrapped up later this year or in early 2022, upon obtaining certain regulatory approvals.

Jim Robo, NextEra Energy’s chairman and CEO, commented that the sale of the 50% stakes to NEP and Ontario Teachers' will recycle almost USD 3.4 billion in total capital, which in turn will be redeployed into new renewables growth opportunities. Apart from new wind, solar and battery storage, this also includes NextEra Energy Resources' 18,000-MW-plus renewables and storage backlog, according to the announcement.

The portfolio in question includes the following assets.

Name	Capacity	Power source	Storage	Location
White Mesa Wind	501 MW	Wind	--	Texas
Irish Creek Wind	301 MW	Wind	--	Kansas
Hubbard Wind	300 MW	Wind	--	Texas
Cool Springs Solar	213 MW	Solar	40 MW	Georgia
Little Blue Wind	251 MW	Wind	--	Nebraska
Dodge Flat Solar	200 MW	Solar	50 MW	Nevada
Elora Solar	150 MW	Solar	--	Tennessee
Quitman II Solar	150 MW	Solar	--	Georgia
Fish Springs Ranch Solar	100 MW	Solar	25 MW	Nevada
Minco Wind Energy III	107 MW	Wind	--	Oklahoma
Ensign Wind Energy	99 MW	Wind	--	Kansas
Borderlands Wind	99 MW	Wind	--	New Mexico
Quinebaug Solar	49 MW	Solar	--	Connecticut