NextEra Energy Resources, LLC, announced today that its subsidiary Heartland Wind Funding, LLC has issued Class B membership interests to JPM Capital Corporation in exchange for approximately $71 million up front and a commitment to fund expected capital contributions of approximately $195 million in the future. Heartland Wind consists of 309 megawatts of wind energy projects in North Dakota and Iowa.
“This transaction represents a unique structure for NextEra Energy Resources 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, chief financial officer of NextEra Energy, Inc. “We’re very pleased that we have a new and innovative tool to raise tax equity for existing projects that have been previously financed with project debt.”
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., 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, Inc. had 2009 revenues of more than $15 billion, nearly 43,000 megawatts of generating capacity, and more than 15,000 employees in 28 states and Canada. For more information, visit www.NextEraEnergyResources.com.
SOURCE: NextEra Energy Resources, LLC
NextEra Energy Resources, LLC
Randy Clerihue, 305-552-3888
