Duke Energy (NYSE: DUK) announced a definitive agreement for Brookfield to acquire a 19.7% indirect equity interest in Duke Energy Florida for $6 billion through its Super-Core Infrastructure strategy.

The all-cash transaction will fund a $4 billion increase in Duke Energy Florida's five-year capital plan, bringing the company's total capital plan to $87 billion. An additional $4 billion from the proceeds will be used to reduce holding company debt.

Brookfield will invest in Florida Progress, which owns Duke Energy Florida, through a phased structure. The company expects to receive $2.8 billion at the first closing in early 2026, $200 million by the end of 2026, $2 billion in 2027, and the remaining $1 billion in 2028. Brookfield has the option to accelerate the full $6 billion investment.

Duke Energy will retain an 80.3% interest in the business and continue operating Duke Energy Florida with its existing workforce. The transaction enables Duke Energy to increase its long-term funds from operations to debt target by 100 basis points to 15% and supports a 5% to 7% earnings per share growth rate through 2029.

Duke Energy Florida serves 2 million customers across central and western Florida. The increased capital investment will fund grid modernization, resiliency initiatives, and generation capacity enhancements to support the expanding customer base.

The transaction requires regulatory approval from the Federal Energy Regulatory Commission, review by the Committee on Foreign Investment in the United States, and approval or determination from the Nuclear Regulatory Commission.

JP Morgan Securities serves as Duke Energy's financial advisor, while RBC Capital Markets advises Brookfield. Brookfield Asset Management manages over $1 trillion in assets and focuses on real assets and essential service businesses.