NextEra Energy Partners (NEP) Misses Q1 EPS by 15c; Announces Asset Acquisition Agreement

NextEra Energy Partners (NYSE: NEP) reported Q1 EPS of $0.08, $0.15 worse than the analyst estimate of $0.23. Revenue for the quarter came in at $74 million versus the consensus estimate of $88.3 million.

On April 28, 2015, NextEra Energy Partners entered into agreements with its sponsor, NextEra Energy Resources, LLC to acquire four additional wind assets from the Energy Resources’ portfolio. When completed, the acquisitions will expand NextEra Energy Partners’ portfolio to approximately 1,923 megawatts (MW) of contracted, clean energy projects.

The four wind generating facilities have contracted generating capacity totaling approximately 664 MW:

• Ashtabula Wind III, a 62.4-MW wind generating facility located in Barnes County, N.D.;

• Baldwin, a 102.4-MW wind generating facility located in Burleigh County, N.D.;

• Mammoth Plains, a 198.9-MW wind generating facility located in Dewey and Blaine Counties, Okla.; and

• Stateline, a 300-MW wind generating facility located on the border of Walla Walla County, Wash., and Umatilla County, Ore.

NextEra Energy Partners expects to complete the acquisitions in the second quarter of 2015 for a total consideration of approximately $412 million, plus the assumption of approximately $269 million in debt and tax equity financing. The purchase price is subject to working capital and other adjustments and also assumes additional project debt of approximately $60 million, which is expected to close within a few months following the acquisitions.

NextEra Energy Partners expects the acquisitions to contribute 2015 adjusted EBITDA of approximately $40 million to $50 million and CAFD of approximately $15 million to $20 million. The acquisitions are expected to increase the annual run-rate of adjusted EBITDA by approximately $75 million to $85 million and CAFD by approximately $28 million to $32 million.

For earnings history and earnings-related data on NextEra Energy Partners (NEP) click here.

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