Business & Finance
Business and Finance
Business and Finance
Mon, January 26, 2009
Sat, January 24, 2009
Fri, January 23, 2009 NextEra Energy Resources announces completion of subsidiary financing
JUNO BEACH, Fla.--([ BUSINESS WIRE ])--NextEra Energy Resources, LLC, a subsidiary of FPL Group, Inc. (NYSE:FPL), announced today that its indirect wholly owned subsidiary, Aquilo LP, ULC (Aquilo), entered into a Canadian $94.6 million limited-recourse senior secured variable rate term loan maturing in December 2023. On Jan. 22, 2009, Aquilo borrowed the entire amount of the loan under the agreement.
NextEra Energy Resources intends to use the proceeds of the loan primarily to repay existing indebtedness of Aquilo Holdings, LP, ULC (direct parent of Aquilo), which will mature in June 2011.
"This transaction is yet another example of how we have been able to secure financing on attractive terms in a challenging credit environment," said Armando Pimentel, chief financial officer for FPL Group.
Interest on the loan is payable quarterly and the principal is paid semi-annually. The loan is secured by liens on certain Canadian wind generation assets and associated transmission facilities, and certain other assets of, and the ownership interest in, Aquilo.
NextEra Energy Resources
NextEra Energy Resources is a clean energy leader and one of the largest competitive energy suppliers in North America. A subsidiary of Juno Beach, Fla.-based FPL Group (NYSE:FPL), NextEra Energy Resources is the largest generator in North America of renewable energy from the wind and sun. It operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the FPL Group nuclear fleet, which is the third largest in the U.S. FPL Group had 2007 revenues of more than $15 billion, approximately 38,000 megawatts of generating capacity, and more than 15,000 employees in 27 states and Canada. For more information, visit these Web sites: [ www.NextEraEnergyResources.com ], [ www.FPLGroup.com ].
