NextEra To Sell Pennsylvania Gas Generating Assets To Starwood Energy For $760 Million

By Ciara LinnaneMarketsMarketWatch Pulse

NextEra Energy Resources LLC said Friday it has reached an agreement to sell Pennsylvania gas generating assets to Starwood Energy Group Global LLC for $760 million. NextEra said it expects to book proceeds of about $255 million after repayment of the existing project related financing. The deal is expected to close in the fourth quarter. "This transaction is part of our ongoing strategy to further optimize our power generation assets, while recycling capital into our growing long-term contracted asset portfolio," said Chief Executive Armando Pimentel. Shares were not yet active in premarket trade, but are up 23% in the year to date, while the S&P 500 has gained 6%.

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