NextEra to use $820 million project debt to fund acquisition of Meade

By Marisa Wong

Los Angeles, Sept. 30 – NextEra Energy Partners, LP announced it plans to use project debt financing to acquire Meade Pipeline Co. LLC.

The transaction is valued at $1.37 billion, including an initial consideration of $1.28 billion plus future capital contributions of roughly $90 million.

The initial purchase price is expected to be primarily financed with about $820 million of partially amortizing project finance debt, which includes $760 million related to an operating project and a roughly $60 million draw of an expansion project debt facility.

Additionally, NextEra said it has entered into an agreement for a roughly $170 million convertible equity portfolio financing.

The balance of the initial financing will consist of existing holding company debt capacity.

NextEra acquires, manages and owns contracted clean energy projects. The company is based in Juno Beach, Fla.

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