Stateline wind farm
Yieldco NextEra Energy Partners (NEEP) has completed the acquisition of four operating wind farms totaling 664MW nameplate capacity from sponsor NextEra Energy Resources.
NEEP did not release financial terms of the transaction, which it partly financed from proceeds from a previously announced $313m term loan and cash on hand.
NEEP expects the acquisitions to contribute 2015 adjusted EBITDA of $40m to $50m, and cash available for distribution (CAFD) $15m to $20m.
The four facilities include Ashtabula Wind III, 62.4MW, in North Dakota; Baldwin, 102.4MW, in North Dakota; Mamoth Plains, 198.9MW, in Oklahoma, and Stateline, 300MW, on the border of Oregon and Washington.
NEEP’s portfolio now has 1.923GW of clean energy projects, all with power purchase agreements.
Separately, NEEP completed the sale of 2,594,948 common units representing limited partnership interests in the yieldco in a private placement to certain eligible purchasers for $109m, or $41.87 per common unit.
Barclays Capital, Credit Suisse Securities (USA) and Goldman Sachs acted as lead placement agents in connection with the private placement.
NEEP used net proceeds from the private placement of common units to finance the balance of the wind facilities’ acquisition