NextEra Energy Partners revises growth rate through 2026

NextEra Energy Partners announced that it is revising its growth rate. The partnership is revising its limited partner distribution per unit growth rate to 5% to 8% per year through at least 2026, with a target growth rate of 6%. By reducing its growth rate and executing on its previously announced transition plans as outlined in May, which includes the sale of the natural gas pipelines and the buyouts of the convertible equity portfolio financing payments due through 2025, NextEra Energy Partners does not expect to require growth equity to meet its revised growth expectations until 2027. If favorable market conditions exist, the partnership may elect to opportunistically issue equity, which would likely be executed through its at-the-market equity issuance program. NextEra Energy Partners also plans to repower the majority of its wind portfolio in the coming years, which it believes can be accomplished at attractive cash available for distribution yields. It also expects to continue to look to acquire wind, solar and storage assets from NextEra Energy Resources and other third parties at favorable yields.