Kirkland Advises Ontario Teachers’ Pension Plan on $805 Million Investment in NextEra Energy Renewables Portfolio
Kirkland & Ellis counsels Ontario Teachers’ Pension Plan (OTPP) on its $805 million investment, structured as a convertible equity portfolio financing, in a two gigawatt renewable energy portfolio operated by NextEra Energy consisting of 13 U.S.-based utility-scale wind, solar and energy storage assets. The transaction is expected to close later this year, subject to customary closing conditions and receipt of certain regulatory approvals.
The transaction is the second in as many years for OTPP with NextEra Energy, following on the acquisition of a direct interest and convertible equity portfolio financing announced in November 2021 for transaction value of $1.1 billion net to OTPP. Kirkland also advised OTPP on the 2021 transaction.The Kirkland team was led by corporate partner Kevin Crews and debt finance partner Roald Nashi, with support from debt finance partner Greg Howling and associates Charles Martin and Jacqueline Trudeau; corporate partners Patrick Moneypenny and Rami Totari and associates Daniel Cadis and Austin Johnson; capital markets partner Julian Seiguer; tax equity partners Michael Masri and Sophia Han; tax partners David Wheat and Joe Tobias; environmental transactions partners Paul Tanaka and Jim Dolphin; energy regulatory partner Brooksany Barrowes and associate Cassidy Hall; and derivatives partner Drue Santora.