M&A Deal Summary

NextEra Energy Partners Acquires Gulf Power

On January 1, 2019, NextEra Energy Partners acquired utilities company Gulf Power from Southern

Acquisition Highlights
  • This is NextEra Energy Partners’ 1st transaction in the Utilities sector.
  • This is NextEra Energy Partners’ 2nd transaction in the United States.
  • This is NextEra Energy Partners’ 1st transaction in Florida.

M&A Deal Summary

Date 2019-01-01
Target Gulf Power
Sector Utilities
Buyer(s) NextEra Energy Partners
Sellers(s) Southern
Deal Type Divestiture

Target

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.

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Buyer(S) 1

Buyer

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 4
Sector (Utilities) 1 of 1
Type (Divestiture) 1 of 1
State (Florida) 1 of 1
Country (United States) 2 of 4
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-02 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.

Sell $689M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-30 Meade Pipeline

United States

Meade Pipeline Co. LLC owns a 39.2% interest in the Central Penn Line, a 185-mile intrastate natural gas pipeline that is an integral part of a pipeline system regulated by the Federal Energy Regulatory Commission (FERC) that provides the Marcellus natural gas-producing region access to large demand centers in the mid-Atlantic and Southeastern regions of the U.S.

Buy $1.4B

Seller(S) 1

SELLER

Southern

Atlanta, Georgia, United States

Category Company
Founded 1945
Sector Utilities
Employees27,819
Revenue 25.3B USD (2023)
DESCRIPTION

Southern is a premier energy company serving the Southeast through its subsidiaries. A U.S. producer of clean, safe, reliable and affordable electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern was founded in 1945 and is based in Atlanta, Georgia.


DEAL STATS #
Overall 6 of 6
Sector (Utilities) 4 of 4
Type (Divestiture) 5 of 5
State (Florida) 2 of 2
Country (United States) 6 of 6
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-06 Mankato Energy Center

Mankato, Minnesota, United States

Mankato Energy Center LLC is a natural gas combined-cycle generation facility, will have a maximum capacity of approximately 760 megawatts upon completion of an ongoing expansion project. The completion of the sale, subject to regulatory approval and other closing conditions, is expected to be mid-2019.

Sell $650M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-21 Invenergy Renewables - Beech Ridge II Wind Facility

Greenbrier County, West Virginia, United States

Invenergy Renewables LLC - Beech Ridge II Wind Facility is a 56-megawatt (MW) renewable project in the Mid-Atlantic region. The project was developed by Invenergy and utilizes 20 wind turbines manufactured by GE Renewable Energy.

Buy -