Based in Juno Beach, Florida NextEra Energy Partners, LP is a growth-oriented limited partnership formed by NextEra Energy, Inc. in 2014. The partnership is formed to acquire, manage and own contracted clean energy projects with stable long-term cash flows. NextEra Energy Partners owns a portfolio of contracted renewable generation assets consisting of wind and solar projects in North America, as well as seven contracted natural gas pipeline assets in Texas.
Renewable Energy sales contributed 71.5%, 75.4% and 76.7% to its total revenues during 2018, 2019 and 2020, respectively. Texas pipelines service revenues constituted 28.5%, 24.6% and 23.3% of total revenues during 2018, 2019, and 2020, respectively.
NextEra Energy Partners plans to focus on the long-term contracted clean energy projects with newer and more reliable technology, lower operating costs, and relatively stable cash flows, consistent with the characteristics of its portfolio. The company’s renewable wind and solar assets have the capacity of producing 5,330 megawatts (“MW”) of electricity. In 2020, the firm closed the acquisition of a 40% interest in a 1,000-MW renewable portfolio and 100% interest in a 100-MW solar-plus-storage project from NextEra Energy Resources. It also advanced organic growth projects, and completed repowering of 275 MW of wind projects and expansion of the Texas Pipelines. The new agreement with NextEra Energy Resources will further expand its renewable operation in the United States. These projects are on track to come into service later this year and will further strengthen the firm’s liquidity.
The eight natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, commercial and industrial customers in the Houston area, processing plants, along with producers in the Eagle Ford Shale. It owns more than 727 miles of pipelines. These pipeline projects have a capacity of transporting 4.3 billion cubic feet of gas per day.