NextEra Energy Partners’ $733 Million Acquisition of 391-megawatt Portfolio of Wind Assets in California

Pillsbury Winthrop Shaw Pittman LLP advised NextEra Energy Partners on the deal.

NextEra Energy Partners, LP announced that it has entered into a definitive agreement with Brookfield Renewable, a global owner and operator of renewable power assets, to acquire a 391-megawatt portfolio of four operating wind assets located in California and New Hampshire for a base purchase price of $733 million, subject to closing adjustments.

The assets included are: Alta Wind VIII, 150-MW wind generating facility in California; Windstar, 120-MW wind generating facility in California; Coram, 22-MW wind generating facility in California; Granite, 99-MW wind generating facility in New Hampshire.

NextEra Energy Partners plans to fund the transaction with a combination of undrawn funds remaining from the 2020 convertible equity portfolio financing and existing debt capacity. The acquired assets are expected to contribute adjusted EBITDA and CAFD of approximately $63 million to $70 million, each on a five-year average run-rate basis, beginning Dec. 31, 2021.

The transaction is subject to approval from the Federal Energy Regulatory Commission and New Hampshire Site Evaluation Committee, as well as expiration or termination of the waiting period under the Hart-Scott-Rodino Act. NextEra Energy Partners expects to complete the acquisition in the third quarter of 2021, subject to customary closing conditions and the receipt of regulatory approvals.

The Pillsbury team representing NextEra Energy Partners was led by Corporate partner Stephen Amdur (Picture) and Finance Partners Robert Nelson and Thomas Gump, and included Tax partners Jorge Medina and Craig Becker, Corporate special counsel Veronica Nunn, Finance counsel Irina Tsveklova, Finance associates Alexandra Murphy and Olivia Lugar, Real Estate partner Eric Kremer, special counsels Josh Morton and Carmela Nicholas, and senior associate Adam Weaver, Litigation partner Alex Lathrop, Employment special counsel Laura Latham, Environmental associate Eric Moorman, and Communications partner Glenn Richards.

 

Involved fees earner: Stephen Amdur – Pillsbury Winthrop Shaw Pittman LLP; Craig Becker – Pillsbury Winthrop Shaw Pittman LLP; Thomas Klaus Gump – Pillsbury Winthrop Shaw Pittman LLP; Eric Kremer – Pillsbury Winthrop Shaw Pittman LLP; Laura Latham – Pillsbury Winthrop Shaw Pittman LLP; Alex Lathrop – Pillsbury Winthrop Shaw Pittman LLP; Olivia Lugar – Pillsbury Winthrop Shaw Pittman LLP; Jorge Medina – Pillsbury Winthrop Shaw Pittman LLP; Eric Moorman – Pillsbury Winthrop Shaw Pittman LLP; Josh Morton – Pillsbury Winthrop Shaw Pittman LLP; Alexandra Murphy – Pillsbury Winthrop Shaw Pittman LLP; Robert Nelson – Pillsbury Winthrop Shaw Pittman LLP; Carmela Nicholas – Pillsbury Winthrop Shaw Pittman LLP; Veronica Nunn – Pillsbury Winthrop Shaw Pittman LLP; Glenn Richards – Pillsbury Winthrop Shaw Pittman LLP; Irina Tsveklova – Pillsbury Winthrop Shaw Pittman LLP; Adam Weaver – Pillsbury Winthrop Shaw Pittman LLP;

Law Firms: Pillsbury Winthrop Shaw Pittman LLP;

Clients: NextEra Energy Partners;

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Author: Martina Bellini