Canadian investor commits US$805 million to 2GW NextEra US portfolio

Facebook
Twitter
LinkedIn
Reddit
Email
NextEnergy will bring 2GW of renewables projects online in the US following the Ontario Teachers’ investment. Image: NextEra Energy.

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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.
7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

February 7, 2025
Former Borrego Solar president of engineering, procurement and construction (EPC) Brian Barker has launched a new EPC, dubbed Aquila Energy.
February 7, 2025
Three investments into the US community solar sector paint a picture of a fast-growing sector being targeted by private asset managers.
February 6, 2025
The deal was signed with the Energize programme, a renewable energy purchasing vehicle for pharmeceutical companies.
February 6, 2025
Samsung C&T Renewable Energy Australia has submitted a 250MW solar-plus-BESS site in New South Wales to the Australian government’s EPBC Act.
February 6, 2025
Potentia Energy is set to acquire controlling stakes in a 1.2GW renewable energy generation and energy storage portfolio in Australia.
February 5, 2025
Europe will see “moderate” electricity demand increase in the coming years, despite the global growth of data centres and AI.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 17, 2025
London, UK
Solar Media Events
February 19, 2025
Tokyo, Japan
Solar Media Events
March 11, 2025
Frankfurt, Germany