JUNO
BEACH, Fla., June 18,
2024 /PRNewswire/ -- NextEra Energy Partners, LP
(NYSE: NEP) today announced that members of the senior management
team will participate in various investor meetings throughout June.
They plan to discuss, among other things, NextEra Energy Partners'
long-term growth-rate expectations, reaffirming those presented on
the April 23, 2024, first-quarter
2024 financial results call. Investors and other interested parties
can access a copy of the April 23,
2024, news release and presentation materials and the
June 2024 investor presentation at
www.NextEraEnergyPartners.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented
limited partnership formed by NextEra Energy, Inc. (NYSE:
NEE). NextEra Energy Partners' strategy emphasizes
acquiring, managing and owning contracted clean energy assets with
stable, long-term cash flows with a focus on renewable energy
projects. Headquartered in Juno Beach, Florida, NextEra
Energy Partners owns, or has a partial ownership interest in,
a portfolio of contracted renewable energy assets consisting of
wind, solar and solar-plus-storage projects and a stand-alone
battery storage project in the U.S., as well as contracted
natural gas pipeline assets in Pennsylvania. For more
information about NextEra Energy Partners, please
visit: www.NextEraEnergyPartners.com.
Cautionary Statements and Risk Factors That
May Affect Future Results
This news release contains "forward-looking statements" within
the meaning of the federal securities laws. Forward-looking
statements are not statements of historical facts, but instead
represent the current expectations of NextEra Energy Partners, LP
(together with its subsidiaries, NEP) regarding future operating
results and other future events, many of which, by their nature,
are inherently uncertain and outside of NEP's control.
Forward-looking statements in this news release include, among
others, statements concerning long-term growth-rate expectations.
In some cases, you can identify the forward-looking statements by
words or phrases such as "will," "may result," "expect,"
"anticipate," "believe," "intend," "plan," "seek," "aim,"
"potential," "projection," "forecast," "predict," "goals,"
"target," "outlook," "should," "would" or similar words or
expressions. You should not place undue reliance on these
forward-looking statements, which are not a guarantee of future
performance. The future results of NEP and its business and
financial condition are subject to risks and uncertainties that
could cause NEP's actual results to differ materially from those
expressed or implied in the forward-looking statements. These risks
and uncertainties could require NEP to limit or eliminate certain
operations. These risks and uncertainties include, but are not
limited to, the following: NEP's ability to make cash distributions
to its unitholders is affected by the performance of its renewable
energy projects which could be impacted by wind and solar
conditions and in certain circumstances by market prices; operation
and maintenance of renewable energy projects and pipelines involve
significant risks that could result in unplanned power outages,
reduced output or capacity, property damage, personal injury or
loss of life; NEP's business, financial condition, results of
operations and prospects can be materially adversely affected by
weather conditions and related impacts, including, but not limited
to, the impact of severe weather; NEP depends on certain of the
renewable energy projects and the investment in pipeline assets in
its portfolio for a substantial portion of its anticipated cash
flows; the repowering of renewable energy projects requires
up-front capital expenditures and could expose NEP to project
development risks; geopolitical factors, terrorist acts,
cyberattacks or other similar events could impact NEP's projects,
pipeline investment or surrounding areas and adversely affect its
business; the ability of NEP to obtain insurance and the terms of
any available insurance coverage could be materially adversely
affected by international, national, state or local events and
company-specific events, as well as the financial condition of
insurers. NEP's insurance coverage does not provide protection
against all significant losses; NEP relies on interconnection and
transmission and other pipeline facilities of third parties to
deliver energy from its renewable energy projects and to transport
natural gas to and from its pipeline investment. If these
facilities become unavailable, NEP's projects and pipeline
investment may not be able to operate or deliver energy or may
become partially or fully unavailable to transport natural gas;
NEP's business is subject to liabilities and operating restrictions
arising from environmental, health and safety laws and regulations,
compliance with which may require significant capital expenditures,
increase NEP's cost of operations and affect or limit its business
plans; NEP's renewable energy projects and pipeline investment may
be adversely affected by new or revised laws or regulations,
interpretations of these laws and regulations or a failure to
comply with current applicable energy and pipeline regulations; NEP
does not own all of the land on which the projects in its portfolio
are located and its use and enjoyment of the property may be
adversely affected to the extent that there are any lienholders or
land rights holders that have rights that are superior to NEP's
rights or the United States of
America (U.S.) Bureau of Land Management suspends its
federal rights-of-way grants; NEP is subject to risks associated
with litigation or administrative proceedings; NEP is subject to
risks associated with its ownership interests in projects that it
identifies for repowering, which could result in its inability to
complete construction at those projects on time or at all, and make
those projects too expensive to complete or cause the return on an
investment to be less than expected; NEP relies on a limited number
of customers and is exposed to the risk that they may be unwilling
or unable to fulfill their contractual obligations to NEP or that
they otherwise terminate their agreements with NEP; NEP or its
pipeline investment may not be able to extend, renew or replace
expiring or terminated power purchase agreements (PPAs), natural
gas transportation agreements or other customer contracts at
favorable rates or on a long-term basis; if the energy production
by or availability of NEP's renewable energy projects is less than
expected, they may not be able to satisfy minimum production or
availability obligations under their PPAs; NEP's ability to acquire
assets involves risks; reductions in demand for natural gas in the
U.S. and low market prices of natural gas could materially
adversely affect NEP's pipeline investment's operations and cash
flows; government laws, regulations and policies providing
incentives and subsidies for clean energy could be changed, reduced
or eliminated at any time and such changes may negatively impact
NEP and its ability to make acquisitions; NEP's ability to acquire
projects depends on the availability of projects developed by
NextEra Energy, Inc. (NEE) and third parties, which face risks
related to project siting, financing, construction, permitting, the
environment, governmental approvals and the negotiation of project
development agreements; acquisitions of existing clean energy
projects involve numerous risks; NEP may acquire assets that use
other renewable energy technologies and may acquire other types of
assets. Any such acquisition may present unforeseen challenges and
result in a competitive disadvantage relative to NEP's
more-established competitors; certain agreements which NEP or its
subsidiaries are parties to have provisions which may preclude NEP
from engaging in specified change of control and similar
transactions; NEP faces substantial competition primarily from
regulated utility holding companies, developers, independent power
producers, pension funds and private equity funds for opportunities
in North America; the natural gas
pipeline industry is highly competitive, and increased competitive
pressure could adversely affect NEP's pipeline investment; NEP may
not be able to access sources of capital on commercially reasonable
terms; restrictions in NEP and its subsidiaries' financing
agreements could adversely affect NEP's business, financial
condition, results of operations and ability to make cash
distributions to its unitholders; NEP may be unable to maintain its
current credit ratings; NEP's cash distributions to its unitholders
may be reduced as a result of restrictions on NEP's subsidiaries'
cash distributions to NEP under the terms of their indebtedness or
other financing agreements or otherwise to address alternative
business purposes; NEP's and its subsidiaries' substantial amount
of indebtedness may adversely affect NEP's ability to operate its
business, and its failure to comply with the terms of its
subsidiaries' indebtedness or refinance, extend or repay the
indebtedness could have a material adverse effect on NEP's
financial condition; NEP is exposed to risks inherent in its use of
interest rate swaps; widespread public health crises and epidemics
or pandemics may have material adverse impacts on NEP's business,
financial condition, liquidity, results of operations and ability
to grow its business and make cash distributions to its
unitholders; NEE has influence over NEP; under the cash sweep and
credit support agreement, NEP receives credit support from NEE and
its affiliates. NEP's subsidiaries may default under contracts or
become subject to cash sweeps if credit support is terminated, if
NEE or its affiliates fail to honor their obligations under credit
support arrangements, or if NEE or another credit support provider
ceases to satisfy creditworthiness requirements, and NEP will be
required in certain circumstances to reimburse NEE for draws that
are made on credit support; NextEra Energy Resources, LLC (NEER)
and certain of its affiliates are permitted to borrow funds
received by NextEra Energy Operating Partners, LP (NEP OpCo) or its
subsidiaries and is obligated to return these funds only as needed
to cover project costs and distributions or as demanded by NEP
OpCo. NEP's financial condition and ability to make distributions
to its unitholders, as well as its ability to grow distributions in
the future, is highly dependent on NEER's performance of its
obligations to return all or a portion of these funds; NEER's right
of first refusal may adversely affect NEP's ability to consummate
future sales or to obtain favorable sale terms; NextEra Energy
Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of
interest with NEP and have limited duties to NEP and its
unitholders; NEP GP and its affiliates and the directors and
officers of NEP are not restricted in their ability to compete with
NEP, whose business is subject to certain restrictions; NEP may
only terminate the Management Services Agreement among NEP, NextEra
Energy Management Partners, LP (NEE Management), NEP OpCo and
NextEra Energy Operating Partners GP, LLC under certain limited
circumstances; if certain agreements with NEE Management or NEER
are terminated, NEP may be unable to contract with a substitute
service provider on similar terms; NEP's arrangements with NEE
limit NEE's potential liability, and NEP has agreed to indemnify
NEE against claims that it may face in connection with such
arrangements, which may lead NEE to assume greater risks when
making decisions relating to NEP than it otherwise would if acting
solely for its own account; NEP's ability to make distributions to
its unitholders depends on the ability of NEP OpCo to make cash
distributions to its limited partners; if NEP incurs material tax
liabilities, NEP's distributions to its unitholders may be reduced,
without any corresponding reduction in the amount of the incentive
distribution rights fee, which is currently suspended; holders of
NEP's units may be subject to voting restrictions; NEP's
partnership agreement replaces the fiduciary duties that NEP GP and
NEP's directors and officers might have to holders of its common
units with contractual standards governing their duties and the New
York Stock Exchange does not require a publicly traded limited
partnership like NEP to comply with certain of its corporate
governance requirements; NEP's partnership agreement restricts the
remedies available to holders of NEP's common units for actions
taken by NEP's directors or NEP GP that might otherwise constitute
breaches of fiduciary duties; certain of NEP's actions require the
consent of NEP GP; holders of NEP's common units currently cannot
remove NEP GP without NEE's consent and provisions in NEP's
partnership agreement may discourage or delay an acquisition of NEP
that NEP unitholders may consider favorable; NEE's interest in NEP
GP and the control of NEP GP may be transferred to a third party
without unitholder consent; reimbursements and fees owed to NEP GP
and its affiliates for services provided to NEP or on NEP's behalf
will reduce cash distributions from NEP OpCo and from NEP to NEP's
unitholders, and there are no limits on the amount that NEP OpCo
may be required to pay; increases in interest rates could adversely
impact the price of NEP's common units, NEP's ability to issue
equity or incur debt for acquisitions or other purposes and NEP's
ability to make cash distributions to its unitholders; the
liability of holders of NEP's units, which represent limited
partnership interests in NEP, may not be limited if a court finds
that unitholder action constitutes control of NEP's business;
unitholders may have liability to repay distributions that were
wrongfully distributed to them; the issuance of common units, or
other limited partnership interests, or securities convertible
into, or settleable with, common units, and any subsequent
conversion or settlement, will dilute common unitholders' ownership
in NEP, may decrease the amount of cash available for distribution
for each common unit, will impact the relative voting strength of
outstanding NEP common units and issuance of such securities, or
the possibility of issuance of such securities, as well as the
resale, or possible resale following conversion or settlement, may
result in a decline in the market price for NEP's common units;
NEP's future tax liability may be greater than expected if NEP does
not generate net operating losses (NOLs) sufficient to offset
taxable income or if tax authorities challenge certain of NEP's tax
positions; NEP's ability to use NOLs to offset future income may be
limited; NEP will not have complete control over NEP's tax
decisions; and distributions to unitholders may be taxable as
dividends. NEP discusses these and other risks and uncertainties in
its annual report on Form 10- K for the year ended December 31, 2023 and other Securities and
Exchange Commission (SEC) filings, and this news release should be
read in conjunction with such SEC filings made through the date of
this news release. The forward-looking statements made in this news
release are made only as of the date of this news release and NEP
undertakes no obligation to update any forward-looking
statements.
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SOURCE NextEra Energy Partners, LP
