Everything You Need to Know About NextEra Energy Partners IPO
NextEra Energy and its wholly owned subsidiary, NextEra Energy Partners today announced that NextEra Energy Partners has priced an initial public offering of 16,250,000 common units, representing limited partner interests, at a price of $25.00 per common unit. In addition, the underwriters have a 30-day option to purchase up to an additional 2,437,500 common units from NextEra Energy Partners at the IPO price, less the underwriting discount. The common units of NextEra Energy Partners will be listed on the New York Stock Exchange under the symbol “NEP” and will begin trading on June 27, 2014.
NextEra Energy Partners intends to use a portion of the net proceeds of this offering to purchase common units of NextEra Energy Operating Partners, which is the entity that holds NextEra Energy Partners' project assets. NextEra Energy Operating Partners intends to use such net proceeds for general corporate purposes, including funding future acquisition opportunities. NextEra Energy Partners intends to use the remainder of the net proceeds of this offering to purchase common units of NextEra Energy Operating Partners from an affiliate of NextEra Energy.
BofA Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers and structuring agents for the offering, and Morgan Stanley is acting as a joint book-running manager for the offering.
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Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.