NextEra Plans IPO Of Renewables Spin-Off Company

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NextEra Energy Inc. has announced that its limited partnership, NextEra Energy Partners LP (NEP), has filed for an initial public offering with the U.S. Securities and Exchange Commission (SEC).

NextEra Energy says it has formed NEP to own, operate and acquire contracted clean energy projects with stable, long-term cashflows through its limited partner interest in NEE Operating LP, of which NEP will also own a controlling interest.

According to the SEC filing, NEP will trade on the New York Stock Exchange and have interests in 10 North American wind and solar projects totaling around 990 MW. The company says it could raise up to $50 million in the IPO.

BofA Merrill Lynch and Goldman, Sachs & Co. will serve as joint book-running managers and structuring agents for the offering, and Morgan Stanley will serve as a joint book-running manager.

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