NextEra Energy Partners LP has completed its previously announced acquisition of a 391 MW portfolio of four operating wind assets located in California and New Hampshire.
The California wind-generating assets included are the 150 MW Alta Wind VIII, 120 MW Windstar and 22 MW Coram facilities. The Granite is a 99 MW facility in New Hampshire. Almost all of the portfolio’s capacity is contracted with investment-grade counterparties and a cash available for distribution-weighted remaining contract life of approximately 13 years at the time of closing. The assets are located in markets with expected long-term renewables demand, supporting potential re-contracting or repowering opportunities after the initial contract terms.
“The completion of this transaction demonstrates NextEra Energy Partners’ continued ability to execute its long-term growth plan,” says Jim Robo, chairman and CEO. “This portfolio is an attractive acquisition for NextEra Energy Partners and is supported by our ability to leverage NextEra Energy Resources’ best-in-class operating platform to reduce costs and create value for LP unitholders.
“The approximately 400 megawatts of long-term contracted wind projects with high-credit-quality customers are well-situated in markets with expected long-term renewables demand, which provides incremental optionality to NextEra Energy Partners with this investment in the future,” he adds. “NextEra Energy Partners remains on a trajectory to grow our LP distributions per unit by 12 to 15 percent through 2024, and we believe the partnership has never been better positioned to deliver unitholder value going forward.”