Ontario Teachers’ to invest $805m in NextEra Energy Partners

NextEra Energy Partners is a Juno Beach, Florida-based renewable energy company.

  • The investment will support NextEra’s acquisition of a two-gigawatt portfolio consisting of four newly constructed and nine operating wind, solar and energy storage assets
  • The deal is expected to close later this year or in early 2023
  • It is the second in as many years by Ontario Teachers’ with NextEra Energy and NextEra Energy Partners

Ontario Teachers’ Pension Plan has agreed to invest about $805 million through a convertible equity portfolio financing in NextEra Energy Partners, a Juno Beach, Florida-based renewable energy company.

Ontario Teachers’ expects to close the deal later this year or in early 2023.

The investment will support NextEra’s acquisition of a two-gigawatt portfolio consisting of four newly constructed and nine operating wind, solar and energy storage assets, diversified across U.S. power markets.

The investment is the second in as many years by Ontario Teachers’ with NextEra Energy and NextEra Energy Partners, following on the acquisition of a direct interest and convertible equity portfolio financing agreement originally announced in November 2021.

“We are pleased to build on our partnership with NextEra Energy Resources and NextEra Energy Partners, a world leader in renewable energy generation, and to make another significant investment in a portfolio of high-quality wind and solar energy assets,” said Chris Ireland, senior managing director, greenfield and renewables at Ontario Teachers’, in a statement. “This portfolio of assets based across the U.S. is a strong complement to our existing portfolio and gives us additional exposure to the U.S. market.”

Ontario Teachers’ financial advisor was TD Securities and legal advisor was Kirkland & Ellis.

Ontario Teachers’ has net assets of $242.5 billion as at June 30, 2022.