NextEra Energy Partners, LP closes US$1.27B sale of assets to Canada Pension Plan Investment Board

Date Closed

June 29, 2018

Lead Office

Toronto

Value

1.27 Billion USD

On June 29, 2018, NextEra Energy Partners, LP ("NEP") announced that it has completed the sale of a portfolio of four wind and two solar generation projects in Ontario to an affiliate of Canada Pension Plan Investment Board ("CPPIB") for approximately US$1.27 billion, including assumption 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. 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 advised NEP with a team led by David Woollcombe and Suzanne Murphy that included Kerri Lui, Christopher Zawadzki, Neha Chawla and Suzie Cusson (Business), George Vegh and Héloïse Apestéguy-Reux (Energy Regulatory), William McCullough (Real Property and Planning), Lynn Parsons and Jacob Stone (Financial Services), Joanna Rosengarten (Environmental), and Oliver Borgers (Competition).

People