Canada Pension Plan Investment acquires NEP-Und Can Optng W&S Port(6) for US$1,264M

CANADA - The Canadian state-owned Canada Pension Plan Investment Board agreed to acquire 6 undisclosed Canadian operating wind & solar power portfolio of NextEra Energy Partners LP, a Juno Beach-based electric power distributor, for an estimated CAD 1.629 bil (USD 1.264 bil). The consideration was to consist of CAD 741 mil (USD 574.82) in cash and the assumption of up to CAD 888.19 mil (USD 689 mil) in liabilities.

The purposes of the transaction were for Canada Pension Plan Investment Board to strengthen its operations as it expands it presence globally in offering its power and renewables portfolio.

Date Announced: 04/02/2018
Deal Status (as of publication date): Pending
Deal Value (mil): 1,263.82

ACQUIRER ADVISORS*
Goldman Sachs & Co. (Financial Advisor)

TARGET ADVISORS*
CIBC World Markets Inc. (Financial Advisor)
Citibank (Financial Advisor)
Gowling WLG (Legal Advisor)
McCarthy Tétrault LLP (Legal Advisor)

Canada Pension Plan Investment Board is a pension fund. The Company was founded in December 1997 and is located in Toronto, Canada. Coveris Holdings SA, located in Chicago, Illinois, provides packaging services. It also manufactures pet food packaging products.

NextEra Energy Partners LP is an electric power distributor. The Company was founded in March 2014 and is located in Juno Beach, Florida. 

The 6 undisclosed Canadian operating wind & solar power portfolios of NextEra Energy Partners LP, located in Canada. It includes four wind and two solar projects with a total capacity of 396 megawatts. 

*List of advisors are those known at press time.