NextEra Energy sells its wind and solar assets to Canada Pension Plan

NextEra Energy Partners has entered into a definitive agreement with the Canada Pension Plan Investment Board for the sale of its wind and solar generation assets in Ontario, Canada, for a total consideration of about $582.3 million. This includes 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. The transaction includes the sale of six fully contracted wind and solar assets, with an average contract life of approximately 16 years. Located in Ontario, the portfolio comprises a combined total generating capacity of approximately 396 MW. The company expects the sale to close during the second quarter of 2018. The transaction is subject to the receipt of regulatory approvals.