Ontario Teachers’ to acquire interest in renewable energy assets from NextEra Energy

Ontario Teachers’ Pension Plan Board announced that it has reached an agreement with NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc. to acquire a 50 per cent interest in a portfolio of wind, solar and energy storage assets across the U.S.

Ontario Teachers’ has agreed to acquire a 50 per cent direct interest in an approximately 2,520-megawatts portfolio of 13 long-term contracted renewable assets, which are geographically diversified across U.S. power markets, for a total consideration of approximately US$849 million.

Ontario Teachers’ has also entered into a commitment to purchase at least a 25 per cent interest in the US$824 million convertible equity portfolio financing announced by NextEra Energy in October.

“We are excited to make this significant investment and to grow our global portfolio of high-quality renewable energy assets,” said Chris Ireland, Managing Director, Greenfield and Renewables, Ontario Teachers’. “NextEra Energy is one of the world’s leading renewable energy companies and they share our focus on shaping a better future through the development of sustainable energy. This investment marks the beginning of what we expect will be a long-term partnership with NextEra Energy.”

The investment is being led by the Greenfield and Renewables team, which is part of the Infrastructure & Natural Resources department at Ontario Teachers’.