NextEra Energy Resources Subsidiary Raises $177 Million in Capital for a Wind Project Through Differential Membership Transaction
JUNO BEACH, Fla., June 13, 2011 /PRNewswire/ -- NextEra Energy Resources, LLC, announced today that one of its subsidiaries has sold Class B membership interests in White Oak Energy Funding, LLC to a subsidiary of Bank of America Corporation. The transaction comprises two fundings totaling $177 million in proceeds. The White Oak project, consisting of 150 megawatts of wind energy located in Illinois, is expected to qualify for a cash grant under section 1603 of the American Reinvestment and Recovery Act.
"This is NextEra Energy's first tax-equity transaction with the cash grant as a component," said Armando Pimentel, executive vice president of finance and chief financial officer of NextEra Energy, Inc. "We're very pleased to be able to demonstrate continued success in the tax-equity market and to raise capital in a tax-efficient manner."
NextEra Energy Resources
NextEra Energy Resources, LLC, is a clean energy leader and one of the largest competitive energy suppliers in North America. A subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), NextEra Energy Resources is the largest generator in North America of renewable energy from the wind and sun. It operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is the third largest in the United States. NextEra Energy had 2010 revenues of more than $15 billion, nearly 43,000 megawatts of generating capacity, and approximately 15,000 employees in 28 states and Canada. For more information, visit www.NextEraEnergyResources.com.
SOURCE NextEra Energy Resources, LLC