NextEra Agrees To Sell Assets To Energy Future Holdings Unit In $1.59 Billion Deal

NextEra Energy Reources LLC said Friday it has agreed to sell its interest in its Forney and Lamar generating assets to a unit of Energy Future Holdings in a deal valued at about $1.59 billion, including working capital. EFH has approval from the bankruptcy court for the deal and teh funding of it through its debtor-in-possession credit facility. The deal "enables us to further optimize our power generation assets and is consistent with our strategy of reducing our merchant exposure while recycling capital into our growing long-term contracted asset portfolio," NextEra Chief Executive Armando Pimentel said in a statement. Shares were not yet active in premarket trade, but are down 7% in the year so far, while the S&P 500 has gained 1.5%.

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