NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), 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 MW of hydro generation related assets in Maine and New Hampshire through FPL Energy Maine Hydro, LLC.
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 Maine Hydro assets consist of a portfolio of hydroelectric generation plants and equity interests in eight storage reservoirs in Maine and New Hampshire. The hydro assets are located primarily on three major river systems, which are the Kennebec River system, the Androscoggin River system, and the Saco River system, with one project located on the Presumpscot River system.
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.
Chadbourne & Parke served as outside legal counsel for NextEra Energy Resources in this transaction.
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