NextEra Energy Resources, the competitive energy unit of NextEra Energy said one of its units, La Frontera Ventures, has completed the sale of its ownership interest in its Forney and Lamar generating assets to an affiliate of Energy Future Holdings.
The aggregate purchase price is about $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 about $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 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.