NextEra Energy Partners LP has completed the acquisition of approximately 285 MW of contracted renewables projects from a subsidiary of its sponsor, NextEra Energy Resources LLC, including two wind facilities commissioned in 2015 with GE technology.
According to NextEra Energy, the acquisition expands the contracted renewable energy projects in its portfolio to approximately 2,656 MW, excluding ownership interests in equity method investments.
Cedar Bluff Wind Energy Center is an approximately 199 MW facility located in Kansas, whereas Golden Hills Wind Energy Center is an approximately 86 MW facility located in California. Both are fully contracted under long-term power purchase agreements with creditworthy counterparties and have remaining contract lives of approximately 20 years.
NextEra Energy Partners acquired the assets for a total consideration of approximately $312 million, plus the assumption of approximately $253 million in liabilities related to tax equity financing. The purchase price is subject to working capital and other adjustments.
The partnership financed the transaction, in part, through proceeds of an issuance of a $100 million non-amortizing term loan at the holding company, with the balance of the purchase price funded with cash on hand and through a draw under a subsidiary of NextEra Energy Partners’ revolving credit facility.
