NextEra Energy Partners to buy Oklahoma wind farms from affiliate

NextEra Energy Partners LP (NYSE: NEP) announced Feb. 22 that it has entered into an agreement with a subsidiary of its sponsor, NextEra Energy Resources LLC, to acquire the Seiling I & II Wind Energy Centers, a combined 299.2-MW wind farm site in Dewey and Woodward counties, Okla.

When completed, the acquisition of these assets will expand NextEra Energy Partners’ portfolio of contracted renewable energy projects to approximately 2,509 MW.

“We are pleased to announce the acquisition of these two high-quality wind energy centers, both of which are fully contracted with long-term power purchase contracts in place with strong creditworthy counterparties,” said Jim Robo, chairman and chief executive officer. “This acquisition represents yet another example of the strength of the pipeline of organic growth opportunities that our sponsor, NextEra Energy Resources, provides and positions us to advance our growth strategy and deliver unitholder distributions consistent with the expectations we’ve outlined.”

NextEra Energy Partners expects to complete the acquisition in the first quarter of 2016 for a total consideration of about $323 million, plus the assumption of around $200 million in tax equity financing. The purchase price is subject to working capital adjustments.

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, as well as natural gas infrastructure assets in Texas.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.