Pillsbury client 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:
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 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.