NextEra (NEE) Unit to Sell RISEC Interest to Entergy (ETR) in $346M Deal
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NextEra Energy Resources, LLC, the competitive energy subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced that two of its subsidiaries have entered into an agreement to sell their ownership interest in the 550-megawatt Rhode Island State Energy Center (RISEC), located in Johnston, R.I., to a subsidiary of Entergy Corporation (NYSE: ETR) for $346 million, subject to closing adjustments.
The transaction is expected to close in late 2011.
The transaction is expected to result in net cash proceeds of approximately $340 million after estimated transaction costs and working capital and other adjustments. The transaction will also result in a one-time after-tax loss of approximately $2 million, which the company expects to exclude from adjusted earnings.
Following the closing of the natural gas plant sales, NextEra Energy Resources will continue to own and operate a diverse mix of clean generating assets in 22 states and Canada, with a combined capacity of more than 16,420 megawatts.
Citi and Credit Suisse served as NextEra Energy Resources' financial advisors in this transaction. Hogan Lovells served as NextEra Energy Resources' outside legal counsel in this transaction.
The transaction is expected to close in late 2011.
The transaction is expected to result in net cash proceeds of approximately $340 million after estimated transaction costs and working capital and other adjustments. The transaction will also result in a one-time after-tax loss of approximately $2 million, which the company expects to exclude from adjusted earnings.
Following the closing of the natural gas plant sales, NextEra Energy Resources will continue to own and operate a diverse mix of clean generating assets in 22 states and Canada, with a combined capacity of more than 16,420 megawatts.
Citi and Credit Suisse served as NextEra Energy Resources' financial advisors in this transaction. Hogan Lovells served as NextEra Energy Resources' outside legal counsel in this transaction.
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