Canadian investor Ontario Teachers’ Pension Plan Board has signed an agreement to invest US$805 million in a convertible equity portfolio financing with NextEra Energy Partners to help it acquire a 2GW portfolio of solar, storage and wind assets across the US.
The deal came as part of a sale of assets from NextEra Energy Resources to NextEra Energy Partners, both subsidiaries of NextEra Energy. It’s expected to be closed by the end of 2022 or early in 2023.
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The portfolio consists of nine operational solar, storage and wind assets and four which are newly constructed. The assets all have long-term power purchase agreements in place.
“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 November 2021, the two entities completed a direct interest and convertible equity portfolio financing agreement. This investment is being made by Ontario Teachers’ Greenfield and Renewables team, a part of its Infrastructure & Natural Resources department. The company said that its Greenfield and Renewables pro-rata investments total around 5.6GW.
In October, NextEra reported unexpectedly high Q3 revenue of US$1.7 billion despite the damage of hurricane Ian. In September the company brought a 485MW solar-plus-storage project online in California, and in the summer it announced its decarbonisation targets for 2045, including a massive 90GW of solar PV.