NextEra Energy renewable unit adds 28% after IPO

|About: NextEra Energy Partners, LP (NEP)|By:, SA News Editor

While Michaels Companies launched trading to a tepid response today, NextEra Energy Partners (NEP), a business formed to own and operate renewable energy plants built by NextEra Energy (NEE), jumped 28% over its IPO which priced 16.25M units at $25 each.

NEP will own an initial portfolio of 989.6 MW of wind and solar farms in the U.S. and Canada, according to its SEC filing, and use the revenue from selling electricity to buy more power plants and to pay dividends; NEE will own ~83% of NEP.

NEP is one of at least a dozen developers in North America and Europe that have formed similar ventures to own portfolios of power plants.