JUNO BEACH, Fla. – NextEra Energy Resources, LLC, announced today that its subsidiary Penta Wind, LLC, has issued Class B membership interests to subsidiaries of JPMorgan Capital Corp. and Wells Fargo & Co. in exchange for approximately $118 million up front and a commitment to fund expected capital contributions of approximately $290 million in the future. Penta Wind consists of 483 megawatts of wind energy projects in five states.
“By combining two previously financed portfolios, this transaction represents an evolution of a structure we first used in September 2010 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, executive vice president of finance and chief financial officer of NextEra Energy, Inc. “We’re very pleased to have closed a second transaction using this tool to raise tax equity for existing projects and to have worked with a tax equity investor new to NextEra Energy Resources.”
NextEra Energy Resources
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. (NYSE: NEE), NextEra Energy Resources is the largest generator in North America of renewable energy from the wind and sun. It operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is the third largest in the United States. NextEra Energy had 2010 revenues of more than $15 billion, nearly 43,000 megawatts of generating capacity, and approximately 15,000 employees in 28 states and Canada. For more information, visit www.NextEraEnergyResources.com