NextEra Energy has agreed to sell its portfolio of wind and solar generation assets in Ontario, Canada, to Canada Pension Plan Investment Board (CPPIB) for about $582.3m.
The portfolio has a total generating capacity of approximately 396MW and consists of two 20MW solar PV plants, Moore and Sombra, and four wind projects, 59.9MW Bluewater, 22.9MW Conestog, 149MW Jericho and 124.4MW Summerhaven.
An affiliate of NextEra Energy Resources will continue to operate the facilities included in the transaction under a 10-year service agreement.
NextEra Energy Partners chairman and chief executive officer Jim Robo said: “We are pleased to reach this agreement with CPPIB for the sale of our Canadian portfolio, which we expect will be accretive to NextEra Energy Partners’ long-term growth.
“The sale of these assets, at a very attractive 10-year average CAFD yield of 6.6%, including the present value of the O&M origination fee, highlights the underlying strength of the partnership’s renewable portfolio.”
NextEra Energy said it expected the sale to close during the second quarter of this year.
Image: Bluewater wind farm (NextEra Energy)
NextEra sells up in Ontario
By EBS