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)

November 30 (Renewables Now) - 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

(USD 1.0 = EUR 0.880)

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