Kirkland Represents Ontario Teachers’ Pension Plan on $1.1B Investment in Renewables Portfolio of NextEra Energy
Kirkland & Ellis counsels Ontario Teachers’ Pension Plan in two related transactions involving a 2,520 megawatt renewable energy portfolio operated by NextEra consisting of 13 US based utility-scale wind and solar assets, three of which include battery storage. The first transaction involves a direct equity purchase by Ontario Teachers’ from NextEra for $849 million, subject to customary purchase price adjustments, for a 50 percent interest in the renewable energy portfolio. The second transaction involves a purchase by Ontario Teachers’ of at least 25 percent of equity interests in a $824 million convertible equity portfolio financing involving the renewable energy portfolio, for a net investment of at least $206 million (and approximately $1.055 billion of total consideration between both transactions). The transactions are expected to close later this year or in early 2022, subject to customary closing conditions and receipt of certain regulatory approvals.
Read Ontario Teachers’ Pension Plan’s press release
The Kirkland team was led by energy and infrastructure transactional partners Kevin Crews, Roald Nashi and David Thompson, energy regulatory partners Brooksany Barrowes and Drew Stuyvenberg, debt finance partners Brian Greene and Greg Howling, derivatives partner Drue Santora, employee benefits of counsel Jack Bernstein, ESG & Impact partner Sara Orr, tax equity partners Michael Masri and Sophia Han, tax partners David Wheat and Joe Tobias, environmental transaction partners Paul Tanaka and Jim Dolphin, antitrust & competition partner Matt Wheatley, international trade and national security partners Mario Mancuso and Anthony Rapa, and real estate partner Roberto Miceli.
