Renewables, Solar

NextEra Energy Partners Buys Stake in Solar Energy Project for $218M

Desert Sunlight Solar Energy Center

NextEra Energy Partners LP (NYSE: NEP) agreed to acquire an indirect interest in a 550-MW solar energy project in California from a subsidiary of its sponsor, NextEra Energy Resources LLC., for $218 milion.

NextEra Energy Partners will acquire a 24 percent indirect share in Desert Sunlight Investment Holdings LLC, which owns two project entities that together make up the 550-MW Desert Sunlight Solar Energy Center. The facility uses eight million panels and is fully contracted under long-term power purchase agreements. NextEra Energy Resources LLC, which owns 50 percent of the projects, will remain the managing member upon completion of the transaction.

NextEra Energy Partners expects to complete the deal in fourth quarter 2016.