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NEP

NextEra Energy Partners

$52.41

0.33 (0.63%)

06:34
09/30/19
09/30
06:34
09/30/19
06:34

NextEra Energy Partners to acquire Meade Pipeline in deal valued at $1.37B

NextEra Energy Partners announced a definitive agreement to acquire Meade Pipeline in a transaction valued at approximately $1.37B, including roughly $90M in future capital contributions through 2022, which are related to an expansion opportunity at the existing pipeline. Meade Pipeline owns a 39.2% interest in the Central Penn Line, a 185-mile intrastate natural gas pipeline that is an integral part of a pipeline system regulated by the Federal Energy Regulatory Commission, or FERC, that provides the Marcellus natural gas producing region access to large demand centers in the mid-Atlantic and Southeastern regions of the U.S. The pipeline has the capacity to transport and deliver up to approximately 1.7B cubic feet, or Bcf, of natural gas per day. The pipeline, which is backed by a minimum 14-year contract with an investment-grade-equivalent customer, is jointly owned by Transcontinental Gas Pipe Line Company, or Transco, which operates the pipeline as a segment of its larger Atlantic Sunrise project. Included in the transaction is an approximately $90M future expansion opportunity at the existing pipeline. The expansion is expected to add an estimated 0.6 Bcf per day of natural gas capacity to Central Penn through the addition of compression at new and existing stations. Meade will own 40% of the expanded capacity and receive an additional fixed-lease payment from Transco for 20 years from the in-service date. The expansion lease provides a guaranteed pre-tax unlevered return to Meade on capital expenditures for the project. As such, Meade and NextEra Energy Partners are protected from any potential cost overruns. Transco, the operator, filed its FERC application at the end of July. The expansion is anticipated to be completed in mid-2022, subject to receipt of all required regulatory approvals. The acquisition is expected to contribute annual run-rate adjusted EBITDA of $90M to $100M initially and $105M to $115M following completion of the expansion project. Five-year average annual cash available for distribution, or CAFD, is expected to be $60 million to $66 million on a run-rate basis, beginning Dec. 31, 2019. As a result of increased debt service following completion of the expansion project, a material step-up in CAFD is not expected at that time. Pending receipt of required approvals and other customary conditions and approvals, NextEra Energy Partners expects to close the transaction within the next 60 days.

NEP NextEra Energy Partners
$52.41

0.33 (0.63%)

03/07/19
LEHM
03/07/19
DOWNGRADE
Target $49
LEHM
Equal Weight
NextEra Energy Partners downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Moses Sutton downgraded NextEra Energy Partners to Equal Weight with a $49 price target.
03/31/19
GSCO
03/31/19
UPGRADE
GSCO
Buy
NextEra Energy Partners upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs upgraded NextEra Energy Partners to Buy given reduced dividend growth risk and long-term growth visibility that is not fully appreciated.
03/31/19
GSCO
03/31/19
UPGRADE
Target $49
GSCO
Buy
Goldman upgrades NextEra Energy Partners to Buy on distribution growth
Goldman Sachs analyst Michael Lapides upgraded NextEra Energy Partners (NEP) to Buy from Neutral and raised his price target for the shares to $49 from $45. The analyst sees visibility into more than 10 years of double digit distribution growth for the company. He expects NextEra Energy (NEE) to maintain its U.S. renewable market share in an industry growing at an over 9% annually through 2030. And he expects NextEra Energy Partners to leverage its "favorable" balance sheet position to only require minimal equity through 2021 to finance drop-downs. NextEra Energy Partners appears positioned to continue growing distributions at the upper end of the 12%-15% guidance range beyond the next five years, Lapides tells investors in a research note. The analyst believes the company's reduced dividend growth risk and long-term visibility is not fully appreciated at current share levels.
04/30/19
MSCO
04/30/19
NO CHANGE
MSCO
Clearway, Pattern Energy could see boost on Atlantica news, says Morgan Stanley
Morgan Stanley analyst Stephen Byrd noted that Atlantica Yield (AY) has announced plans to explore strategic options and while he has no knowledge of any talks involving any of the companies he covers in the space he believes that the market could begin to price in potential strategic optionality at other YieldCos. If so, he sees the potential for modest upside for Clearway Energy (CWEN) and Pattern Energy (PEGI), depending on a what assumptions the market makes, Byrd tells investors. He also points to NextEra Energy Partners (NEP) as a "special case" among YieldCos, stating that its dividend yield is much lower, but its growth prospects are significantly better. In the case of NextEra, though, Byrd said he sees potential downside given the relatively high amount of non-amortizing leverage at parent NextEra Energy (NEE).

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$NSD

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$NYE

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NVDA

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