NextEra Energy Partners, LP announces US$582.3M sale of assets to Canada Pension Plan Investment Board

Lead Office

Toronto

Value

582.30 Million USD

On April 2, 2018, NextEra Energy Partners, LP ("NEP") announced it had agreed to sell a portfolio of four wind and two solar generation projects in Ontario to Canada Pension Plan Investment Board ("CPPIB") for approximately US$582.3 million. CPPIB would also assume approximately US$689 million of existing debt. The portfolio has a combined generating capacity of 396 megawatts. Under a 10-year services agreement with CPPIB, an affiliate of NextEra Energy Resources will continue to operate all the facilities involved in the transaction, which is expected to close in the second quarter of 2018. The sale is part of NEP's strategy to reinvest capital into its US assets in order to take advantage of the recent cut in US corporate tax rate following the enactment of a new tax code in December 2017.

NEP is a growth-oriented limited partnership formed by NextEra Energy Inc., the world's largest utility company. Based in Florida, NEP owns interests in wind and solar projects, as well as natural gas infrastructure assets, in North America.

CPPIB is a Canadian Crown corporation established in 1997 to oversee and invest the funds contributed to and held by the Canada Pension Plan.

McCarthy Tétrault LLP is advising NEP with a team lead by David Woollcombe and Suzanne Murphy that includes Lynn Parsons, William McCullough, Kerri Lui, Christopher Zawadzki and Jacob Stone.

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