NextEra Energy has reached definitive agreements to acquire Gulf Power, Florida City Gas and additional assets in Florida (United States) from Southern Company for approximately US$6,475m, including the assumption of approximately US$1.4bn of Gulf Power debt. Proceeds from the transaction are intended to be used to reduce debt and improve Southern Company's balance sheet.
The transaction includes Gulf Power, which operates 2.3 GW of power capacity and 15,300 km of power lines, serving around 450,000 customers throughout north-west Florida; Florida City Gas, which operates more than 5,900 km of gas pipelines and serves around 110,000 residential and commercial gas customers in Florida's Miami-Dade, Brevard, St. Lucie and Indian River counties; a 100% interest in the 791 MW Oleander gas-fired power plant located near Cocoa (Florida) and related power purchase agreements (PPAs) with the Florida Municipal Power Agency and Seminole Electric Cooperative; and a 65% interest in the 660 MW Stanton Energy Center CCGT power plant located near Orlando (Florida) and related PPAs with the Orlando Utilities Commission and Florida Municipal Power Agency.
Pending receipt of required approvals and other customary conditions and approvals, NextEra Energy expects to complete the acquisition of Florida City Gas in the third quarter of 2018, with the Gulf Power and gas-fired power plant acquisitions scheduleed to close in the first half of 2019.
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