NextEra Energy Resources' subsidiary raises $71MM in capital for wind project

Source: NextEra Energy Resources, LLC

NextEra Energy Resources, LLC, (NYSE: NEE), announced that its subsidiary Heartland Wind Funding, LLC has issued Class B membership interests to JPM Capital Corporation in exchange for approximately $71 million up front and a commitment to fund expected capital contributions of approximately $195 million in the future. Heartland Wind consists of 309 megawatts of wind energy projects in North Dakota and Iowa.

“This transaction represents a unique structure for NextEra Energy Resources where 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, chief financial officer of NextEra Energy, Inc. “We’re very pleased that we have a new and innovative tool to raise tax equity for existing projects that have been previously financed with project debt.” 

NextEra Energy Resources, LLC is a clean energy leader and one of the largest competitive energy suppliers in North America. A subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc., NextEra Energy Resources is the largest generator in North America of renewable energy from the wind and sun.

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