NextEra Energy Partners LP (NYSE: NEP) said May 12 that it has completed its previously announced agreement to acquire approximately 664 MW of operating renewable power generation assets from the sponsor, NextEra Energy Resources LLC.
With the addition of the four wind generating facilities, NextEra Energy Partners’ portfolio expands to approximately 1,923 MW of contracted, clean energy projects. The additional facilities are:
- Ashtabula Wind III, a 62.4-MW wind facility located in Barnes County, N.D.;
- Baldwin, a 102.4-MW wind facility located in Burleigh County, N.D.;
- Mammoth Plains, a 198.9-MW wind facility located in Dewey and Blaine counties, Okla.; and
- Stateline, a 300-MW wind facility located on the border of Walla Walla County, Wash., and Umatilla County, Ore.
NextEra Energy Partners expects the acquisitions to contribute 2015 adjusted EBITDA of approximately $40 million to $50 million and cash available for distribution (CAFD) of approximately $15 million to $20 million. The acquisitions are expected to increase the annual run-rate of adjusted EBITDA by approximately $75 million to $85 million and CAFD by approximately $28 million to $32 million.
INextEra Energy Partners also announced that it has completed the sale of a total of 2,594,948 common units representing limited partnership interests in NextEra Energy Partners in a private placement to certain eligible purchasers for an aggregate purchase price of approximately $109 million, or $41.87 per common unit, the closing price of NextEra Energy Partners’ common units on May 6, 2015.
Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. acted as lead placement agents in connection with the private placement.
NextEra Energy Partners used the net proceeds from the private placement of common units, proceeds from a previously announced $313 million term loan and cash on hand to fund the purchase price of the acquisitions.
NextEra Energy Partners is a growth-oriented limited partnership formed by NextEra Energy (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America.