Ontario Teachers' to Invest $805 Mn of NextEra's Renewable Energy Projects

Nov 24, 2022 11:02 AM ET
  • This investment is the 2nd in many years by Ontario Teachers' with NextEra Energy.
  • The firm held that a roughly 2 GW portfolio consists of 4 freshly created as well as nine operating RE projects.

Ace international investor Ontario Teachers' Pension Plan Board (Ontario Teachers') has claimed that it has actually signed an agreement to invest around $805 million in an exchangeable equity portfolio funding with NextEra Energy Partners.

Ontario Teachers' stated that it is committed to the investment as part of the sale of renewable energy assets from NextEra Energy Resources, which is a subsidiary of NextEra Energy Partners.

The main declaration of the company held that approximately 2 GW portfolio makes up 4 newly built and also nine running wind, solar as well as energy storage space assets, which are geographically branched out across U.S. power markets.

Ontario Teachers' mentioned that the RE assets have in place long-lasting power acquisition agreements with varied, investment-grade counterparties.

This financial investment is the second in several years by Ontario Teachers' with NextEra Energy and also NextEra Energy Partners, adhering to on the purchase of a direct interest and also exchangeable equity portfolio funding arrangement initially announced in November 2021.

" We are pleased to improve our collaboration with NextEra Energy Resources and also NextEra Energy Partners, a globe leader in renewable energy generation, and also to make one more considerable financial investment in a portfolio of premium wind and also solar energy assets," stated Chris Ireland, Senior Managing Director, Greenfield and Renewables at Ontario Teachers'.

Ireland additionally included, "This portfolio of assets based throughout the united state is a strong enhance to our existing portfolio as well as provides us added direct exposure to the united state market."

Ontario Teachers' also notified that the investment is being made by the Greenfield and Renewables team, which becomes part of the Infrastructure & Natural Resources department at Ontario Teachers'.

The existing investments consist of development-focused platforms such as Cubico Sustainable Investments, Anbaric Development Partners, Equis Developments and Corio Generation, along with a straight ownership stake in a portfolio of running assets together with NextEra Energy Resources. Total pro-rata capacity of the Greenfield as well as Renewables portfolio equals about 5.6 gigawatts.

Ontario Teachers' expects to close the transaction later on this year or in early 2023, based on traditional closing conditions as well as receipt of particular governing approvals.

Ontario Teachers' Pension Plan Board claims to be a leading international financier with net assets of $242.5 billion as at June 30, 2022.

It purchases more than 50 countries in a broad array of assets.

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