A subsidiary of NextEra Energy has agreed to sell a 50 percent non-controlling stake in a 2,520-megawatt portfolio of long-term contracted renewables assets to the Ontario Teachers' Pension Plan Board.
The remaining 50 percent stake in the portfolio will be sold by NextEra Energy Resources to NextEra Energy Partners, pursuant to a purchase and sale agreement executed Oct. 21.
The sale proceeds are expected to be redeployed into new wind, solar and battery-storage growth opportunities, including NextEra Energy Resources' more than 18,000-megawatt renewables and storage backlog.
Chris Ireland, managing director, greenfield and renewables at Ontario Teachers, said the investment marks the beginning of what is expected to be a long-term partnership with NextEra Energy.