NextEra Energy Partners has entered into a definitive agreement with Canada Pension Plan Investment Board (CPPIB) for the sale of its portfolio of wind and solar generation assets in Ontario.
NextEra is selling the assets for a total consideration of approximately $582.3 million, including the net present value of the operations and maintenance origination fee, subject to customary working capital and other adjustments, plus the assumption by the purchaser of approximately $689 million in existing debt.
An affiliate of NextEra Energy Resources will continue to operate all of the facilities included in the transaction under a 10-year services agreement with CPPIB.
The transaction includes the sale of six fully contracted wind and solar assets with an average contract life of approximately 16 years and 10-year average cash available for distribution (CAFD) of $38.4 million. The portfolio has a combined total generating capacity of approximately 396 megawatts:
- Bluewater, a 59.9-megawatt wind facility
- Conestogo, a 22.9-megawatt wind facility
- Jericho, a 149-megawatt wind facility
- Summerhaven, a 124.4 -megawatt wind facility
- Moore, a 20-megawatt solar facility
- Sombra, a 20-megawatt solar facility
