NextEra Energy Resources Sells Certain New England Hydro Assets

NextEra Energy Resources, LLC, announced that one of its subsidiaries has entered into an agreement to sell all of its equity interests in White Pine Hydro Investments, LLC, which indirectly owns 351 megawatts (MW) of hydro generation related assets in Maine and New Hampshire, to Brookfield Renewable Energy Partners L.P.

The sale is based on an enterprise value of approximately $760 million, subject to typical closing adjustments and includes the existing $700 million of non-recourse project debt.

The portfolio consists of 19 hydroelectric facilities and 8 upstream storage reservoir dams primarily on the Kennebec, Androscoggin and Saco rivers in Maine, with an aggregate capacity of 351 megawatts and expected average annual generation of approximately 1.6 million megawatt-hours.

All output from the facilities is currently sold into the New England wholesale power market

"The acquisition offers Brookfield Renewable a strong fit with its existing 103 MW of operating capacity on the same river systems," Brookfield Renewable Energy Partners said.

"This high-quality, scale portfolio increases our footprint in the attractive New England market to nearly 1,000 MW of installed capacity. This transaction also provides a unique opportunity to leverage our operating platform while positioning us to participate in rising electricity prices over time," said Richard Legault, President and CEO of Brookfield Renewable.

"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.

The transaction is expected to result in a gain upon execution, but it is not expected to have a material impact on NextEra Energy Resource's financial position or ongoing future financial results. The transaction is expected to close in the first quarter of 2013, pending receipt of the necessary regulatory approvals.