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DUK

Duke Energy

$89.68

0.68 (0.76%)

, MFC

Manulife Financial

$18.07

-0.28 (-1.53%)

17:11
04/24/19
04/24
17:11
04/24/19
17:11

Duke Energy to sell minority interest in commercial renewable energy portfolio

Duke Energy (DUK) announced that it has entered into a definitive agreement to sell a minority interest in a portion of its commercial renewable energy portfolio owned and operated by its affiliate, Duke Energy Renewables, to the John Hancock Infrastructure Fund and John Hancock Life Insurance, a division of Manulife Financial (MFC). The total enterprise value of this portion of Duke Energy's commercial renewable energy portfolio is approximately $1.25B. The sale will result in pre-tax proceeds to Duke Energy of $415M. As majority owner, Duke Energy remains committed to growing its commercial renewable energy business. The transaction will help fund the company's future growth capital plans with proceeds used to reduce future debt issuance needs. Duke Energy will retain the majority of the remaining tax benefits from the projects. The portion of Duke Energy's commercial renewables energy portfolio to be sold includes 49% of 37 operating wind, solar and battery storage assets and 33% of 11 operating solar assets across the U.S. Once the sale has closed, John Hancock's interest will represent approximately 1.2 gigawatts of generating capacity. John Hancock will also have the right to acquire a minority interest in certain additional wind and solar projects in the future, providing a potential source of future growth capital to Duke Energy. "We look forward to working alongside John Hancock as we continue providing clean and affordable energy to our customers across the country," said Rob Caldwell, president of Duke Energy Renewables. "We will continue to develop projects, grow our portfolio and maintain overall operational responsibilities for the projects just as we do today. John Hancock's investment offers clear validation of the strength of our existing portfolio, and this partnership provides an opportunity for ongoing collaboration and investment as we deliver long-term value to our customers and investors."

DUK

Duke Energy

$89.68

0.68 (0.76%)

MFC

Manulife Financial

$18.07

-0.28 (-1.53%)

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DUK Duke Energy
$89.68

0.68 (0.76%)

01/09/19
BOFA
01/09/19
DOWNGRADE
BOFA
Neutral
Duke Energy downgraded to Neutral from Buy at BofA/Merrill
01/09/19
01/09/19
DOWNGRADE
Target $87

Neutral
Duke Energy downgraded to Neutral on valuation, pipeline risks at BofA/Merrill
As previously reported, BofA/Merrill downgraded Duke Energy to Neutral from Buy and trimmed its price target to $87 from $88. Analyst Julien Dumoulin-Smith cites valuation, potential further dleays and cost overruns for the Atlantic Coast Pipeline, and limited near-term catalysts for the downgrade.
02/15/19
FBCO
02/15/19
DOWNGRADE
FBCO
Neutral
Duke Energy downgraded to Neutral from Outperform at Credit Suisse
02/15/19
FBCO
02/15/19
DOWNGRADE
Target $88
FBCO
Neutral
Duke Energy downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Michael Weinstein downgraded Duke Energy to Neutral from Outperform and lowered his price target to $88 from $89 following the "lower quality earnings mix" within the new five-year guidance. In a research note to investors, Weinstein says 2019 and forward EPS growth will reflect at least 16c per share more Commercial Renewable tax credits than w expected, offset by (10c) lower regulated utility earnings than he had previously modeled. Additionally, he expects Duke's smaller CR pipeline will likely produce uneven and "lumpy" future results that will come under pressure as tax credit programs sunset through 2023.
MFC Manulife Financial
$18.07

-0.28 (-1.53%)

05/03/18
CIBC
05/03/18
UPGRADE
CIBC
Outperformer
Manulife Financial upgraded to Outperformer from Neutral at CIBC
07/10/18
EVER
07/10/18
INITIATION
EVER
In Line
Manulife Financial initiated with an In Line at Evercore ISI

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$NSD

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$NYE

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FDX

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