NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), has announced that one of its subsidiaries, La Frontera Ventures LLC, has completed the sale of its ownership interest in its Forney and Lamar generating assets to Luminant, an affiliate of Energy Future Holdings (EFH).
The aggregate purchase price is approximately US$1.55 billion, including estimated working capital, subject to customary closing adjustments. In the second quarter of 2016, NextEra Energy Resources expects the sale to result in net proceeds of approximately US$456 million and a gain on disposition, which will be excluded from adjusted earnings.
The power plants sold to the EFH affiliate include the 1,912-megawatt (MW) Forney Energy Center, a natural gas-fired facility located in Forney, Texas, that began commercial operation in 2003 and the 1,076-MW Lamar Energy Center, a natural gas-fired facility located in Paris, Texas, that began commercial operation in 2000.
A NextEra Energy Resources' affiliate will continue to operate both of the facilities included in the sale for an initial period of up to one year.