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NEXTERA ENERGY

(NEE)
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NextEra to Sell 50% Stake in Renewables Portfolio to Ontario Teachers' Pension Plan

11/30/2021 | 08:12am EST

By Colin Kellaher

NextEra Energy Inc. on Tuesday said it agreed to sell a 50% stake in a roughly 2,520-megawatt portfolio of long-term contracted renewables assets to Ontario Teachers' Pension Plan Board, one of Canada's largest pension funds.

The Juno Beach, Fla., electric power and energy infrastructure company said the deal includes total consideration of about $849 million, plus the buyer's share of the portfolio's total tax equity financings, estimated to be $866 million.

NextEra, which in October announced an agreement to sell the remaining 50% stake in the portfolio to NextEra Energy Partners LP on similar terms, said it expects to redeploy the sale proceeds into new wind, solar and battery storage growth opportunities.

The company said it expects to close the transaction later this year or in early 2022.

Ontario Teachers' Pension Plan, which invests and administers the pensions of 331,000 active and retired teachers in the province of Ontario, has net assets topping $178 billion.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

11-30-21 0812ET

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NEXTERA ENERGY -1.09% 82.6 Delayed Quote.-11.53%
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Financials (USD)
Sales 2021 18 110 M - -
Net income 2021 3 458 M - -
Net Debt 2021 54 072 M - -
P/E ratio 2021 46,1x
Yield 2021 1,86%
Capitalization 162 B 162 B -
EV / Sales 2021 11,9x
EV / Sales 2022 10,3x
Nbr of Employees 14 900
Free-Float -
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Number of Analysts 21
Last Close Price 82,60 $
Average target price 94,31 $
Spread / Average Target 14,2%
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James L. Robo Chairman, President & Chief Executive Officer
Rebecca Jones Kujawa Chief Financial Officer & Executive Vice President
W. Scott Seeley Secretary & Vice President-Compliance
James Lawrence Camaren Independent Director
Sherry S. Barrat Lead Independent Director
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