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NextEra sells 50 per cent renewable and storage portfolio to OTPP [free access]

November 30, 2021

NextEra Energy Resources LLC, a subsidiary of NextEra Energy Inc, has announced the completion of a 2,520-MW portfolio of wind, solar, and energy storage assets spread across nine states in the US. The former has agreed to sell a 50 per cent non-controlling interest in its renewables portfolio to the Ontario Teachers' Pension Plan Board (OTPP) for a total consideration of approximately USD849 million, plus the investor's share of the portfolio's total tax equity financings, which are estimated to be USD866 million at the time of closing.


Earlier in October 2021, the company reached a deal with the same terms for the sale of the other 50 per cent to NextEra Energy Partners LP (NEP).


For NextEra Energy, the sale of the 50 per cent stake each to NEP and Ontario Teachers will recycle about USD3.4 billion in total capital. This in turn will be redeployed into new renewables growth opportunities, which include NextEra Energy Resources' 18,000-MW-plus renewables and storage backlog.


Subject to regulatory approvals, the latest deal is expected to be completed by end-2021 or in early 2022.