NextEra closes on IPO for yieldco

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NextEra Energy has closed on the initial public offering (IPO) for its yieldco vehicle, which will own interest in solar PV, concentrating solar power (CSP) and wind plants.

NextEra Energy Partners closed on the offering of 16.2 million shares at a price of US$25 per share. The underwriter’s option of another 2.4 million shares was also fully subscribed, netting the company a total of US$443 million.

The yieldco subsidiary will use a portion of these proceeds to purchase shares in NextEra Energy Operating Partners, which holds its assets, and will also use proceeds for further acquisitions.

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