NextEra Energy Resources LLC, the competitive energy unit of NextEra Energy, Inc. (NEE), announced that one of its units has completed the sale of all of its equity interests in White Pine Hydro Investments LLC, which indirectly owns 351 MW of hydro generation related assets in Maine and New Hampshire through FPL Energy Maine Hydro LLC (Maine Hydro).
The sale was based on an enterprise value of about $760 million, subject to typical closing adjustments and included the existing $700 million of non-recourse project debt.
The Maine Hydro assets consist of a portfolio of hydroelectric generation plants and equity interests in eight storage reservoirs in Maine and New Hampshire. The hydro assets are located primarily on three major river systems, which are the Kennebec River system, the Androscoggin River system, and the Saco River system, with one project located on the Presumpscot River system.
NextEra Energy Resources LLC operates more than 18,100 MW of generating capacity in 24 states and Canada as of year-end 2012. NextEra Energy Resources, together with its affiliated entities, is the largest generator in North America of renewable energy from the wind and sun.
