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NextEra Energy Resources offloads 351MW indirectly held hydropower assests

CTBR Staff Writer Published 26 December 2012

Clean energy developer NextEra Energy Resources, through one of its subsidiaries, has agreed to offload its stake in White Pine Hydro Investments.

While Pine that holds an indirect interest in 351MW hydro generation related assets in the states of Maine and New Hampshire was sold on the basis of $760m appropriated as its enterprise value.

The hydropower portfolio consists of hydroelectric generation plants and equity interests in eight storage reservoirs in Maine and New Hampshire, located on the Kennebec River system, the Androscoggin River system, the Saco River system and the Presumpscot River system.

Commenting on the divesture NextEra Energy Resources president and CEO Armando Pimentel said, "While this is an attractive portfolio in many respects, this transaction enables us to further optimize our power generation portfolio and concentrate our resources on areas with greater growth potential for our business."

The transaction is expected to close in the first quarter of 2013 and will require necessary regulatory approvals.