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Portland General Electric and Daimler Trucks North America Announce "Electric Island" Charging Station

LCG, December 2, 2020--Portland General Electric (PGE) and Daimler Trucks North America (DTNA) yesterday announced the co-development of a large public charging site for medium- and heavy-duty electric commercial vehicles.

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NextEra Energy Seeks License Extension for Point Beach Nuclear Plant

LCG, November 23, 2020--The Nuclear Regulatory Commission (NRC) recently received an application from NextEra Energy to extend the licenses for the two reactors at Point Beach Nuclear Plant for an additional 20 years.

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Industry News

NextEra Energy Announces Agreements to Sell Interests in 1,100 MW of Renewable Assets

LCG, November 4, 2020--NextEra Energy, Inc. announced Monday that a subsidiary of NextEra Energy Resources, LLC has entered into agreements to sell a 90 percent interest in a 1,000-MW portfolio of long-term contracted renewables assets (the portfolio) and a 100 percent interest in a 100-MW solar-plus-storage project for approximately $1.3 billion in total proceeds, including tax equity, and subject to working capital and other adjustments. The portfolio is being acquired by NextEra Energy Partners, LP and a consortium of private infrastructure investors led by KKR (the investors) in two separate transactions. The announcement states that the sale proceeds are expected to be redeployed into new wind, solar and battery storage growth opportunities, including NextEra Energy Resources' more than 15,000-MW renewables backlog. The transaction is expected to be completed by year-end, subject to customary closing conditions and the receipt of certain regulatory approvals.

Over the operating life of the assets, NextEra Energy Resources expects to receive ongoing annual fee income of approximately $7 million in year one and escalating thereafter, from the investors for operations, maintenance and management services, and the transaction is expected to be immediately accretive to earnings.

NextEra Energy's chairman and CEO stated, "These transactions are expected to generate significant value for NextEra Energy shareholders. In addition to generating attractive ongoing fee income, the sale provides an opportunity to take advantage of the robust demand for high-quality, long-term contracted renewable energy assets and efficiently recycle approximately $1.3 billion in total capital that can be redeployed into new renewables growth opportunities. The transactions highlight the value of NextEra Energy Resources' best-in-class development platform and position us well to continue to capitalize on what we believe to be the best renewables development environment in our history."

The 1,000-MW portfolio, in which NextEra Energy Resources will retain a 10 percent equity interest, includes: Blue Summit III Wind Energy Center, a project company that owns a 200.2-MW wind generation facility located in Texas; Ponderosa Wind Energy Center, a project company that owns a 200-MW wind generation facility located in Oklahoma; Harmony Florida Solar Energy Center, a project company that owns a 74.5-MW solar generation facility located in Florida; Taylor Creek Solar Energy Center, a project company that owns a 74.5-MW solar generation facility located in Florida; Saint Solar Energy Center, a project company that owns a 100-MW solar generation facility located in Arizona; Sanford Airport Solar Energy Center, a project company that owns a 49.4-MW solar generation facility located in Maine; and Soldier Creek Wind Energy Center, a project company that owns a 300.4-MW wind generation facility in Kansas.

The investors are purchasing a 50 percent equity interest in the portfolio and NextEra Energy Partners is purchasing a 40 percent equity interest. NextEra Energy Partners' acquisition will also include 100 percent of the membership interests in Wilmot Solar Energy Center, a project company that owns a 100-MW solar and 30-MW storage generation facility located in Arizona. NextEra Energy Resources will have a right of first offer on the investors' 50 percent equity interest in the portfolio.
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