NextEra Energy Resources, the competitive clean energy business of NextEra Energy, has plans to acquire a large portfolio of operating landfill gas-to-electric facilities as part of an effort to expand its portfolio of renewable natural gas assets, according to a recent third-quarter earnings report.
NextEra Energy Resources intends to purchase the portfolio for a total consideration of $1.1 billion from the owners of Energy Power Partners Fund I and North American Sustainable Energy Fund. The funds are managed by Energy Power Partners, a private market fund manager that makes long-term equity investments in U.S. and Canadian renewable energy. The transaction will also include the assumption of $37 million in existing project finance debt at the time of closing.
NextEra Energy Resources expects that the acquired portfolio will deliver more than $220 million of adjusted EBITDA by 2025.
The acquisition is expected to close in early 2023, subject to regulatory appr