NextEra Energy Partners has exercised its buyout option to acquire 25 percent of the outstanding minority equity interest in its Texas pipelines convertible-equity portfolio financing from a fund managed by EIG, an institutional investor in the global energy sector.
NextEra provided $200 million of cash consideration for the equity interest, which exceeds the minimum buyout that was necessary to have occurred before June. About $150 million of proceeds came from NextEra’s sale of 2.3 million common units under its at-the-market equity issuance program, with the balance funded through a planned draw on the subsidiary's revolving credit facility. The sale of the 2.3 million common units represents less than 3 percent of NextEra’s public float.
In December 2019, NextEra entered into a convertible equity portfolio financing with EIG Net Holdings III. In that financing, EIG paid $750 million in cash in exchange for a noncontrolling equity interest in a NextEra subsidiar
