NextEra Energy Partners, the yieldco associated with NextEra Energy, has announced it will acquire 691 MW of wind and solar assets from NextEra subsidiary NextEra Energy Resources for approximately $550 million in previously announced convertible preferred units and cash on hand, for a total transaction of $812 million.
Only 21% of the acquisition is solar, consisting of a 143 MW share of the 550 MW-AC Desert Sunlight project, which is located six miles north of Desert Center, California. The project started commercial operation in 2014 and its power purchase agreement runs until 2037.
The entire Desert Sunlight project was originally owned by First Solar and is comprised of 8.8 million cadmium telluride thin film modules.
Currently, NextEra Partners says it has 405 MW of signed contracts for solar development over the next two years and expects to execute on between 1,400 to 3,800 MW of solar contracts over the next three years.
The current $812 million portfolio deal is expected to close by the end of the year.