NextEra Energy Seals $1.3 Billion in Deals to Enhance its Growth Strategy

NextEra Energy (NYSE: NEE) is cashing in on a portion of its renewable energy portfolio to raise cash to finance its extensive development pipeline. The utility is selling a 90% interest in a 1 gigawatt (GW) portfolio of long-term contracted renewable energy assets and a 100% interest in a 100 megawatt (MW) solar-plus-storage project for a total of $1.3 billion. It's selling these assets to its affiliate NextEra Energy Partners (NYSE: NEP) and a consortium of private infrastructure investors led by KKR (NYSE: KKR) in two separate transactions.

NextEra Energy is selling a 90% stake in three wind energy centers and four solar energy centers. The wind assets are in Texas, Oklahoma, and Kansas, while the solar projects are in Florida, Arizona, and Maine. NextEra Energy Partners will acquire a 40% interest in this portfolio, while the KKR-led group will purchase the other 50%. NextEra Energy will retain the remaining 10% stake and has the right of first offer to repurchase the 50% stake owned by the KKR group if they sell in the future. Meanwhile, the company will sell 100% of a 100 MW solar energy facility in Arizona that includes 30 MW of battery storage to NextEra Energy Partners.

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Source Fool.com