NextEra Energy completes sale of two Marcus Hook units to Starwood

NextEra Energy Resources, the competitive energy subsidiary of NextEra Energy (NYSE:NEE) announced Nov. 2 that one of its subsidiaries has completed the sale of its ownership interest in its Marcus Hook generating assets to an investment affiliate of Starwood Energy Group Global, LLC.

Starwood Energy Group is an energy infrastructure investment firm that specializes in value-add power generation, transmission and storage energy projects. The total consideration paid is approximately $765m, including estimated working capital, subject to customary closing adjustments.

In the fourth quarter of 2016, NextEra expects the sale to result in net proceeds of approximately $260m and a gain on disposition, which will be excluded from adjusted earnings.

The Federal Energy Regulatory Commission (FERC) approved the transaction in September.

The transaction includes the 790-MW combined-cycle Marcus Hook Energy Center and the 50-MW simple-cycle Marcus Hook 50 Energy Center. Both of these facilities are natural gas-fired power plants located primarily in Marcus Hook, Pennsylvania.

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.