NextEra Subsidiary Raises $118 Million For Projects

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Penta Wind LLC, a subsidiary of NextEra Energy Resources LLC, has issued Class B membership interests to subsidiaries of JPMorgan Capital Corp. and Wells Fargo & Co. in exchange for approximately $118 million up front and a commitment to fund expected capital contributions of approximately $290 million in the future.

Penta Wind consists of 483 MW of wind energy projects in five states.

‘By combining two previously financed portfolios, this transaction represents an evolution of a structure we first used in September 2010 where the tax-equity investor makes an initial up-front payment and additional investments over time tied to the production of the wind projects,’ says Armando Pimentel, executive vice president of finance and chief financial officer of NextEra Energy Inc.

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