NextEra Energy Partners (NEP) announced Wednesday that it would buy 11 wind and solar projects worth nearly $1.3 billion.
XThe deal consists of approximately 1,388 megawatts for $1.275 billion and is expected to close in the fourth quarter.
NextEra Energy Partners Stock said the seal was subject to working capital and other adjustments and will assume approximately $930 million in tax equity financing and $38 million of non-recourse project debt by the end of the year.
CEO Jim Robo said in July that proceeds from the sale of its Canadian portfolio of wind and solar projects will be redeployed into higher-yielding U.S. assets later this year.
NextEra Energy Partners Stock
The former IBD Stock of the Day is a limited partnership formed by NextEra Energy (NEE) to buy , manage and own clean energy projects with stable cash flows
NextEra Energy Partners shares rose 0.8% to 48.75 on the stock market today. NextEra Energy Partners stock is just below its 48.85 buy point in a flat base as part of a base-on-base formation. Shares cleared that entry on Aug. 20, but soon fell back until finding support at the 50-day moving average.
Parent company NextEra Energy stock rose 0.9% to 171.60. Shares are in buy range after breaking out of a flat base with a 165.25 entry point.
Utility stocks like NextEra Energy Partners and its parent tend to do relatively well when the market struggles. Both stocks are performing better than the general market, especially the tech-heavy Nasdaq.
NextEra Energy Partners is ranked No. 2 in IBD's Energy-Alternative group and has a 97 EPS rating.
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The post NextEra Energy Partners Just Below Buy Point After $1.3 Billion Deal appeared first on Investor's Business Daily.
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