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M&As Maine Hydro-Brookfield-NextEra

Published on December 21st, 2012 | by Ted Liu


Brookfield Renewable to acquire White Pine Hydro from NextEra for $760 million

Brookfield Renewable Energy Partners L.P. (TSX: BEP.UN) has agreed to acquire all of the equity interests in White Pine Hydro Investments, LLC from a subsidiary of NextEra Energy Resources, LLC, the competitive energy subsidiary of NextEra Energy, Inc. (NYSE: NEE), for an enterprise value of approximately $760 million and includes the existing $700 million of non-recourse project debt.

White Pine Hydro Investments indirectly owns 351MW of hydro generation related assets in Maine and New Hampshire through FPL Energy Maine Hydro, LLC.

The FPL Energy Maine Hydro assets consist of a portfolio of 19 hydroelectric facilities and 8 upstream storage reservoir dams primarily on the Kennebec, Androscoggin and Saco rivers in Maine, with one project located on the Presumpscot River system.

The portfolio is one of the region’s largest independently-owned hydro portfolios of scale and includes the two largest hydroelectric facilities in Maine.

The acquisition offers Brookfield Renewable a strong fit with its existing 103MW of operating capacity on the same river systems.

All output from the facilities is currently sold into the New England wholesale power market.

Brookfield Renewable would fund the purchase price, and repurchase of the existing debt, if applicable, from available cash resources and committed credit facilities.

As with previous investments, Brookfield Renewable expects to have institutional partners co-invest alongside it for up to 50% of the portfolio through a private fund sponsored by Brookfield Asset Management.

The transaction is expected to close in the first quarter of 2013.

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About the Author

Ted is an editor of CVCA News and Research Director for CVCA - Canadian Venture Capital & Private Equity Association. Ted has been following Canadian venture capital and private equity industry since 1993.

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