NextEra Energy Partners, LP (NYSE:NEP) entered into a definitive agreement to acquire 391-Megawatt portfolio of four operating wind assets of Brookfield Renewable Partners L.P. (TSX:BEP.UN) for approximately $730 million on April 17, 2021. The base purchase price is $733 million subject to closing adjustments. The transaction shall be funded through combination of undrawn funds remaining from the 2020 convertible equity portfolio financing and existing debt capacity. As of May 17, 2021, NextEra entered into an amended agreement to upsize by $150 million its existing convertible equity portfolio financing with KKR. Under the terms of the amended agreement, together with other minor modifications around the timing of buyouts over time, NextEra Energy Partners will receive an incremental $150 million as part of the second draw of the financing, which is expected to occur by the end of the second quarter of 2021. The second draw is now expected to total approximately $500 million, bringing the total expected proceeds from the 10-year convertible equity portfolio financing agreement to approximately $1.25 billion. Proceeds from the second draw are expected to be used to partially fund this acquisition. 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. As of August 21, 2021, a final order was issued by the SEC to approve the transfer of ownership on August 17, 2021 and Site Evaluation Committee approved the transaction with conditions such as periodic estimates of decommissioning fund to make sure it is keeping pace with costs. The transaction is expected to be completed in the third quarter of 2021. The transaction is an accretive investment opportunity for NextEra Energy Partners, LP. Citigroup Inc. (NYSE:C) acted as the financial advisor and Pillsbury Winthrop Shaw Pittman LLP acted as the legal advisor to NextEra Energy Partners, LP. Aryan Moniri of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor and TD Securities Inc. acted as financial advisor to Brookfield Renewable Partners. SMBC Nikko Securities America, Inc. acted as financial advisor to Brookfield Renewable Partners L.P. in the transaction.

NextEra Energy Partners, LP (NYSE:NEP) completed the acquisition of 391-Megawatt portfolio of four operating wind assets of Brookfield Renewable Partners L.P. (TSX:BEP.UN) on August 25, 2021.