A subsidiary of NextEra Energy Resources LLC is selling it stake in White Pine Hydro Investments LLC, which has operations in Maine and New Hampshire, to Brookfield Renewable Energy Partners L.P.
The assets consist of 19 hydroelectric generation plants and equity interests in eight reservoirs in Maine and New Hampshire, NextEra said in a deal made late Friday.
The system generates 351 megawatts of power, which is more than twice the 158 megawatts of solar power NextEra had at the end of 2011. NextEra Energy Resources is the national leader in solar power and wind power, the latter having 8,569 megawatts of capacity.
"While this is an attractive portfolio in many respects, this transaction enables us to further optimize our power generation portfolio and concentrate our resources on areas with greater growth potential for our business," said Armando Pimentel, president and CEO of NextEra Energy Resources, a unit of Juno Beach-based NextEra Energy.
The sale is based on an enterprise value of $760 million, including $700 million in debt. The price was not disclosed.
The transaction is expected to close in the first quarter and provide a gain for NextEra Energy Resources, but it is not expected to have a material impact on its financial position or future financial results, a press release said.
Brookfield's website say it is one of the largest pure-play renewable power companies, mainly by hydroelectric rather than solar or wind. Its systems in Canada, the Brazil and the U.S. generate enough power for 2 million homes, the website states.
Brookfield, which trades on the Toronto Stock Exchange under the symbol "BEP.UN," said the portfolio includes the two largest hydroelectric facilities in Maine, and adds to its existing 103 megawatts of capacity on the same river systems. The electricity is sold into the New England wholesale power market. NextEra has upgraded and modernized some of the plants.
Brookfield Renewable said it expects a private fund sponsored by Brookfield Asset Management (NYSE: BAM) to invest up to 50 percent in the transaction.
The project, located in Wellington County, Ontario, is comprised of 10 Siemens wind turbines and is capable of generating enough power for approximately 5,700 homes in an average year. All of the power from the project is being sold to the Ontario Power Authority under the Feed-In-Tariff program. Conestogo Wind, LP, an indirect subsidiary of NextEra Energy Canada, owns and operates the project.
"We are pleased to have completed our first wind project in Ontario," said Mike O'Sullivan, NextEra Energy Resources senior vice president of development. "In addition to generating clean, emission-free energy, this project will have a positive impact on the local economy through the jobs created, taxes paid, lease payments to landowners, and goods and services sourced throughout the region."
The Conestogo Wind Energy Centre is the first of eight wind projects NextEra Energy Canada plans to bring into service by the end of 2015 in Ontario. Combined, NextEra Energy Canada's eight Ontario wind projects represent a capital investment in the province of approximately $1.5 billion.
In addition to the Conestogo Wind Energy Centre, affiliates of NextEra Energy Canada own and operate the 20-MW Moore Solar Project and the 20-MW Sombra Solar Project both located in Lambton County, Ontario.
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