NextEra Energy, the largest renewable energy provider in the U.S., is selling its stake in four natural gas-fired power plants for $1.05 billion, The Wall Street Journal reports. The stakes will be bought by an affiliate of LS Power Group. The deal, which is likely to close in the fourth quarter, may result in net cash proceeds of about $500 million after repayment of debt and transaction costs.
The stakes will be sold in natural gas plants in Alabama, California, South Carolina and Virginia. The company, formerly known as FPL Group, is still exploring options for a Rhode Island power plant. The move comes as the company is planning to spend up to $5.8 billion to build new wind and solar farms over the next three years.