Nextera Energy Partners completes IPO

NextEra Energy Partners, LP (NEP) completed an initial public offering of its common units on July 1, 2014, which raised net proceeds of approximately $442.7 million. In conjunction with the initial public offering, NextEra Energy, Inc. completed a spinoff of seven wind energy and three solar energy projects located in the US and Canada, with a combined capacity of 990 megawatts, to NEP, and an internal reorganization of all of NextEra’s Canadian entities. Pursuant to the spinoff, NEP was granted a right of first offer to acquire up to 1,549 megawatts of Canadian and US renewable energy projects from NEP. BofA Merrill Lynch and Goldman, Sachs & Co. acted as joint book-running managers and structuring agents for the offering, and Morgan Stanley acted as a joint book-running manager.

Skadden, Arps, Slate, Meagher & Flom LLP acted as US counsel to NextEra with a team including Martin Klepper, Lance Brasher, Alexander Cook and Whitney Washington (energy); Andrea Nicolas, Michael Hong, Bobbie King and Dillon Guthrie (securities) and Sean Shimamoto, David Levy and Nickolas Gianou (tax).

McCarthy Tétrault LLP acted as Canadian counsel to NextEra with a team including Suzanne Murphy (M&A and energy); Nicola Geary (M&A); Michael Weizman, George Vegh and Heloise Apesteguy-Reux (energy); Doug Cannon and Elaine Buzzell (tax); Andrew Parker and Joanna Brimmer (securities); Lynn Parsons and Kerri Lui (financial services) and Bill McCullough (real estate).

Baker Botts L.L.P. acted as US counsel to the underwriters with a team including Joshua Davidson, Tim Taylor, Mollie Duckworth, Jonathan Bobinger and Justine Robinson (securities); Karen Sheffler and Greg Wagner (energy) and Michael Bresson, Don Lonczak and Jon Lobb (tax).

Davies Ward Phillips & Vineberg LLP acted as Canadian counsel to the underwriters with a team including Aimee Colyer and Kimberly Muio (securities).