Retail Supplier Parent To Sell 840 MW Of Pennsylvania Generation

NextEra Energy Resources, LLC, the competitive energy subsidiary of NextEra Energy, Inc., today announced that one of its subsidiaries has entered into an agreement to sell its ownership interest in its Marcus Hook generating assets to an investment affiliate of Starwood Energy Group Global, LLC.

The total consideration to be paid is $760 million, including estimated working capital at closing.

Upon closing, NextEra Energy Resources expects the sale to result in net proceeds of approximately $255 million after repayment of the existing project related financing.

The transaction includes the 790-megawatt (MW) combined-cycle Marcus Hook Energy Center and the 50-MW simple-cycle Marcus Hook 50 Energy Center. Both of these facilities are natural gas-fired power plants located primarily in Marcus Hook, Pa.

"This transaction is part of our ongoing strategy to further optimize our power generation assets, while recycling capital into our growing long-term contracted asset portfolio," said Armando Pimentel, president and CEO of NextEra Energy Resources.

The transaction is expected to close in the fourth quarter of 2016, pending the receipt of necessary regulatory approvals and satisfaction of other customary closing conditions.