NextEra Energy Partners, LP has completed its previously announced agreement to acquire approximately 664 MW of operating renewable wind power generation assets from the sponsor, NextEra Energy Resources, LLC. The addition of the four wind facilities expands NextEra Energy Partner’s portfolio to approximately 1,923 MW of contracted, clean energy projects.
The additional facilities include:
- Ashtabula Wind III, a 62.4-MW wind generating facility located in Barnes County, N.D.;
- Baldwin, a 102.4-MW wind generating facility located in Burleigh County, N.D.;
- Mammoth Plains, a 198.9-MW wind generating facility located in Dewey and Blaine Counties, Okla.;
- Stateline, a 300-MW wind generating facility located on the border of Walla Walla County, Wash., and Umatilla County, Ore.
NextEra Energy Partners expects the acquisitions to contribute 2015 adjusted EBITDA of approximately $40 million to $50 million and cash available for distribution (CAFD) of approximately $15 million to $20 million. The acquisitions are expected to increase the annual run-rate of adjusted EBITDA by approximately $75 million to $85 million and CAFD by approximately $28 million to $32 million.
In addition, NextEra Energy Partners has also completed the sale of a total of 2,594,948 common units representing limited partnership interests in NextEra Energy Partners in a private placement to certain eligible purchasers for an aggregate purchase price of approximately $109 million, or $41.87 per common unit, the closing price of NextEra Energy Partners' common units on May 6, 2015. Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. acted as lead placement agents in connection with the private placement.
The common units were offered and sold in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the Securities Act).
NextEra Energy Partners used the net proceeds from the private placement of common units, proceeds from a previously announced $313 million term loan and cash on hand to fund the purchase price of the acquisitions.
(Photo Credit: NextEra Energy Partners)