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Canadian investor commits US$805 million to 2GW NextEra US portfolio

November 28, 2022
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Canadian investor commits US$805 million to 2GW NextEra US portfolio
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NextEnergy will deliver 2GW of renewables tasks on-line within the US following the Ontario Academics’ funding. Picture: NextEra Vitality.

Canadian investor Ontario Academics’ Pension Plan Board has signed an settlement to take a position US$805 million in a convertible fairness portfolio financing with NextEra Vitality Companions to assist it purchase a 2GW portfolio of photo voltaic, storage and wind property throughout the US.

The deal got here as a part of a sale of property from NextEra Vitality Sources to NextEra Vitality Companions, each subsidiaries of NextEra Vitality. It’s anticipated to be closed by the tip of 2022 or early in 2023.

The portfolio consists of 9 operational photo voltaic, storage and wind property and 4 that are newly constructed. The property all have long-term energy buy agreements in place.

“We’re happy to construct on our partnership with NextEra Vitality Sources and NextEra Vitality Companions, a world chief in renewable vitality era, and to make one other vital funding in a portfolio of high-quality wind and photo voltaic vitality property,” mentioned Chris Eire, senior managing director, greenfield and renewables at Ontario Academics’.

In November 2021, the 2 entities accomplished a direct curiosity and convertible fairness portfolio financing settlement. This funding is being made by Ontario Academics’ Greenfield and Renewables crew, part of its Infrastructure & Pure Sources division. The corporate mentioned that its Greenfield and Renewables pro-rata investments complete round 5.6GW.

In October, NextEra reported unexpectedly excessive Q3 income of US$1.7 billion regardless of the injury of hurricane Ian. In September the corporate introduced a 485MW solar-plus-storage undertaking on-line in California, and in the summertime it introduced its decarbonisation targets for 2045, together with an enormous 90GW of photo voltaic PV.

See also  Sunly raises US$200 million to expand renewables portfolio in Baltics and Poland

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