NextEra raises wind energy funds

Penta Wind LLC, a unit of NextEra Energy Resources LLC, has issued Class B membership interests to units of JP Morgan Capital Corp. and Wells Fargo & Co. in exchange for $118 million up front and a commitment to fund $290 million in expected capital contributions.

NextEra combined two previously financed portfolios in a transaction it said represents an evolution of a structure first used last September. Under the structure, the tax equity investor makes an initial up front payment and additional investments over time tied to the production of the wind projects, said Armando Pimentel, executive vice president of finance and chief financial officer of NextEra Energy Inc. This tool raises tax equity for existing projects and involves a tax equity investor new to NextEra Energy Resources.

Penta Wind consists of 483 MW of wind farm projects in five states.

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