NextEra Vitality Companions Inks Agreemnet To Purchase Renewables Portfolio

• NextEra Vitality Companions LP (NYSE: NEP) has agreed with subsidiaries of NextEra Vitality Sources LLC to accumulate a 49% curiosity in an roughly 1.5-gigawatt renewables portfolio.

• The deal additionally contains 100% of the oblique membership pursuits in an roughly 345-megawatt (MW) portfolio of working wind belongings.

• NEP expects to accumulate the pursuits within the belongings for whole consideration of roughly $805 million, plus the belief of its share of the portfolio’s estimated $1.5 billion in tax fairness financing.

• Following the acquisition, NextEra Vitality Companions will contribute its pursuits within the newly acquired tasks and 6 present renewable belongings to a brand new portfolio.

• Along with the acquisition and creation of the brand new portfolio, NEP has entered right into a convertible fairness portfolio financing settlement of $805 million with the Ontario Lecturers’ Pension Plan Board.

• “This important entry to low-cost capital leaves NextEra Vitality Companions uniquely positioned to reap the benefits of the transformation underway within the vitality business and meet its long-term progress targets,” mentioned John Ketchum, chairman and CEO.

• NextEra Vitality Companions expects to finish the acquisition later this 12 months.

• After the acquisition, the portfolio of belongings is predicted to contribute adjusted EBITDA and CAFD beginning December 31, 2023.

• Worth Motion: NEP shares are buying and selling greater by 0.61% at $77.17 on the final test Friday.

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