false000160314500016031452023-06-292023-06-29

neplogo.jpg

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K


CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of earliest event reported:  June 29, 2023

Commission
File
Number		Exact name of registrant as specified in its
charter, address of principal executive offices and
registrant's telephone number		IRS Employer
Identification
Number
1-36518NEXTERA ENERGY PARTNERS, LP30-0818558
700 Universe Boulevard
Juno Beach, Florida 33408
(561) 694-4000


State or other jurisdiction of incorporation or organization:  Delaware

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange
on which registered
Common UnitsNEPNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


SECTION 2 - FINANCIAL INFORMATION

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On June 29, 2023, an indirect subsidiary of NextEra Energy Partners, LP (NEP) completed the previously announced acquisition of a portfolio of wind and solar generation facilities with a combined generating capacity of approximately 688 megawatts (MW) for cash consideration of approximately $566 million, plus working capital of $32 million (subject to post-closing working capital and other adjustments) and the assumption of debt and related interest rate swaps of approximately $142 million. The acquired portfolio also includes noncontrolling interests related to differential membership investors of approximately $165 million.

Also on June 29, 2023, NextEra Energy US Partners Holdings, LLC (NextEra US Holdings), an indirect subsidiary of NEP, drew $530 million under an existing revolving credit facility, which was used, in part, to fund the above acquisition.

On June 30, 2023, Whiptail-Montezuma Holdings, LLC (the borrower), an indirect subsidiary of NEP which was part of the above acquisition, borrowed approximately $330 million under a limited-recourse senior secured variable rate term loan to provide funds to repay a portion of the amount outstanding under the revolving credit facility on July 6th. The term loan matures in June 2028 and bears interest based on an index rate plus a specified margin with interest payable quarterly. The principal is partially amortizing on a quarterly basis. The term loan is secured by all of the assets of, and the equity interests in, the borrower, and its equity interests in its subsidiaries. The borrower’s indirect subsidiaries own renewable energy projects with a combined generating capacity of approximately 492 MW. The loan agreement contains default and related acceleration provisions relating to, among other things, the failure to make required payments, failure to comply with certain covenants and certain bankruptcy-related events. Also on June 30, 2023, the borrower entered into an interest rate swap agreement to hedge against future interest rate movements with respect to the interest payments on the principal amount of the term loan.

On July 6, 2023, NextEra US Holdings repaid approximately $320 million on the revolving credit facility resulting in an outstanding balance of approximately $290 million.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:  July 6, 2023
NEXTERA ENERGY PARTNERS, LP
(Registrant)
JAMES M. MAY
James M. May
Controller and Chief Accounting Officer

v3.23.2
Cover Page
Jun. 29, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jun. 29, 2023
Entity Registrant Name NEXTERA ENERGY PARTNERS, LP
Entity Address, Address Line One 700 Universe Boulevard
Entity Address, City or Town Juno Beach
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33408
City Area Code 561
Local Phone Number 694-4000
Entity Incorporation, State or Country Code DE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
1-36518 1-36518
Entity Tax Identification Number 30-0818558
Title of 12(b) Security Common Units
Trading Symbol NEP
Security Exchange Name NYSE
Amendment Flag false
Entity Central Index Key 0001603145
NextEra Energy Partners (NYSE:NEP)
Historical Stock Chart
Von Apr 2024 bis Mai 2024 Click Here for more NextEra Energy Partners Charts.
NextEra Energy Partners (NYSE:NEP)
Historical Stock Chart
Von Mai 2023 bis Mai 2024 Click Here for more NextEra Energy Partners Charts.