M&A Deal Summary

CPP Investments Acquires NextEra Energy Partners - Canadian Renewable Portfolio

On April 2, 2018, pension CPP Investments acquired renewable energy company NextEra Energy Partners - Canadian Renewable Portfolio from NextEra Energy Partners for 689M USD

Acquisition Highlights
  • This is CPP Investments’ 1st transaction in the Renewable Energy sector.
  • This is CPP Investments’ 25th largest (disclosed) transaction.
  • This is CPP Investments’ 15th transaction in the United States.
  • This is CPP Investments’ 1st transaction in Florida.

M&A Deal Summary
Date 2018-04-02
Target NextEra Energy Partners - Canadian Renewable Portfolio
Sector Renewable Energy
Buyer(s) CPP Investments
Sellers(s) NextEra Energy Partners
Deal Type Divestiture
Deal Value 689M USD

Target

NextEra Energy Partners - Canadian Renewable Portfolio

Juno Beach, Florida, United States
NextEra Energy Partners LP - Canadian Renewable Portfolio includes the sale of six fully contracted wind and solar assets, with an average contract life of approximately 16 years and 10-year average CAFD of $38.4 million USD. Located in Ontario, the portfolio has a combined total generating capacity of approximately 396 megawatts (MW) and consists of: Bluewater, a 59.9-MW wind generating facility, ; Conestogo, a 22.9-MW wind generating facility, Jericho, a 149-MW wind generating facility, Summerhaven, a 124.4-MW wind generating facility, Moore, a 20-MW solar energy generating facility and Sombra, a 20-MW solar energy generating facility.

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Buyer(S) 1

Buyer

CPP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1997
Size Mega
Type Sector Agnostic
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.

DEAL STATS #
Overall 25 of 51
Sector (Renewable Energy) 1 of 3
Type (Divestiture) 7 of 8
State (Florida) 1 of 1
Country (United States) 15 of 26
Year (2018) 2 of 4
Size (of disclosed) 25 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-30 Refinitiv

New York, New York, United States

Refinitiv is a large provider of financial markets data and infrastructure, serving over 40,000 institutions in over 150 countries. It provides data and insights, trading platforms, market data infrastructure and open technology platforms that support and connect the global financial markets community. Refinitiv was formerly known as Thomson Reuters Financial & Risk and is based in New York.

Buy $20.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-08 Ant Group

Hangzhou, China

Ant Group is focused on serving small and micro enterprises, as well as consumers. Ant Group is dedicated to building an open ecosystem of Internet thinking and technologies while working with other financial institutions to support the future financial needs of society. Ant Financial Services Group was founded in 2004 and is based in Hangzhou, China.

Buy -

Seller(S) 1

SELLER

NextEra Energy Partners

Juno Beach, Florida, United States
Category Company
Founded 2014
Sector Utilities
Revenue 1.1B USD (2023)
DESCRIPTION

NextEra Energy Partners acquires, manages, and owns contracted clean energy projects with stable, long-term cash flows. NextEra Energy Partners was founded in 2014 and is based in Juno Beach, Florida.

DEAL STATS #
Overall 2 of 2
Sector (Renewable Energy) 1 of 1
Type (Divestiture) 2 of 2
State (Florida) 2 of 2
Country (United States) 2 of 2
Year (2018) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-18 NextEra Energy Partners - 223 MW Wind Power Portfolio

Juno Beach, Florida, United States

NextEra Energy Partners LP - 223 MW Wind Power Portfolio consists of six operating wind farms, varying in size from 9 to 66 MW. The projects are located in Pennsylvania, West Virginia and California, and are focused in markets which have only modest volumes of installed wind capacity.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-01 Gulf Power

Pensacola, Florida, United States

Gulf Power Co. is an energy provider serving nearly half a million customers across Northwest Florida. Our team works hard to provide our customers with reliable and environmentally responsible energy, to offer innovative energy services and solutions, and give back to the communities we also call home.

Buy -
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