- NextEra Enegy Partners (NYSE:NEP) agrees to acquire Meade Pipeline Co., which owns a 39.2% interest in the Central Penn Line, a 185-mile intrastate natural gas pipeline that provides the Marcellus Shale region access to the mid-Atlantic and southeastern U.S., with capacity to transport and deliver as much as 1.7B cf/day of natural gas.
- The $1.37B deal includes a ~$90M future expansion opportunity at the existing pipeline, which would add 600M cf/day of natural gas capacity to Central Penn through the addition of compression at new and existing stations.
- NEP expects Meade Pipeline to yield a double-digit return to its limited partner unitholders and generate a ~14% cash available for distribution yield.