NextEra to Sell 50% Stake in Renewables Portfolio to Ontario Teachers' Pension Plan

By Colin Kellaher

NextEra Energy Inc. on Tuesday said it agreed to sell a 50% stake in a roughly 2,520-megawatt portfolio of long-term contracted renewables assets to Ontario Teachers' Pension Plan Board, one of Canada's largest pension funds.

The Juno Beach, Fla., electric power and energy infrastructure company said the deal includes total consideration of about $849 million, plus the buyer's share of the portfolio's total tax equity financings, estimated to be $866 million.

NextEra, which in October announced an agreement to sell the remaining 50% stake in the portfolio to NextEra Energy Partners LP on similar terms, said it expects to redeploy the sale proceeds into new wind, solar and battery storage growth opportunities.

The company said it expects to close the transaction later this year or in early 2022.

Ontario Teachers' Pension Plan, which invests and administers the pensions of 331,000 active and retired teachers in the province of Ontario, has net assets topping $178 billion.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

November 30, 2021 08:12 ET (13:12 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.