NextEra Energy Partners Inks Agreemnet To Acquire Renewables Portfolio - NextEra Energy Partners (NYSE:NEP)

NextEra Energy Partners LP NEP has agreed with subsidiaries of NextEra Energy Resources LLC to acquire a 49% interest in an approximately 1.5-gigawatt renewables portfolio.
The deal also includes 100% of the indirect membership interests in an approximately 345-megawatt (MW) portfolio of operating wind assets.
NEP expects to acquire the interests in the assets for total consideration of approximately $805 million, plus the assumption of its share of the portfolio's estimated $1.5 billion in tax equity financing.
Following the acquisition, NextEra Energy Partners will contribute its interests in the newly acquired projects and six existing renewable assets to a new portfolio.
In conjunction with the acquisition and creation of the new portfolio, NEP has entered into a convertible equity portfolio financing agreement of $805 million with the Ontario Teachers' Pension Plan Board.
"This significant access to low-cost capital leaves NextEra Energy Partners uniquely positioned to take advantage of the transformation underway in the energy industry and meet its long-term growth objectives," said John Ketchum, chairman and CEO.
NextEra Energy Partners expects to complete the acquisition later this year.
After the acquisition, the portfolio of assets is expected to contribute adjusted EBITDA and CAFD starting December 31, 2023.
Price Action: NEP shares are trading higher by 0.61% at $77.17 on the last check Friday.