NextEra Energy Partners, the wind giant agreed this week to purchase eleven wind and solar projects, including those in Oklahoma from NextEra Energy Resources. It is a $1.275 billion purchase that includes $930 million in tax equity financing and $38 million in debt.
The wind and solar assets include those in Oklahoma, Texas, Nevada, Nebraska, Kansas, Indiana, Colorado and California. All together, the purchase consists of 1,338 Megawatts of electrical power generated by the wind farms.
The acquisition is expected to contribute adjusted EBITDA of $290M-$310M and cash available for distribution of $122M-$132M.
NEP, based in Florida, also says it has entered into a $750M convertible equity portfolio financing with a fund managed by BlackRock Global Energy & Power Infrastructure.
The purchase comes a week after NextEra Energy’s western Oklahoma wind projects was accused of possibly violating a state law preventing wind farms close to the air installations at Oklahoma military bases.
NextEra Energy Partners expects to complete the acquisition in the fourth quarter of 2018, subject to customary closing conditions and the receipt of certain regulatory approvals.
NextEra Energy Partners intends to initially finance the acquisition through a combination of the $573M proceeds from the sale earlier this year of its Canadian assets and capacity under an existing credit facility.
In Oklahoma, NextEra has two offices—the Seiling Energy Center and the Weatherford Energy Center. NextEra Energy Resources has been doing business in the state since 2003 and runs 13 operational wind farms from a $4 billion investment.
