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UPDATE 2-NextEra Energy Partners to buy wind assets from Brookfield Renewable

(Updates with background, outlook)

April 19 (Reuters) - NextEra Energy Partners said on Monday it would acquire a 391-megawatt (MW) portfolio of four operating wind assets from Brookfield Renewable for $733 million, as renewable power takes up a record share of global electricity production.

NextEra Energy Inc, the parent company of NextEra Energy Partners and the world’s largest producer of wind and solar energy, has said it would invest more in renewable power generation, hoping to make the most of a global transition from dirty fossil fuels to cleaner sources of energy.

The share of renewables in energy generation worldwide now stands at nearly 30%, according to the International Energy Agency and other sources, with a record 260 gigawatts of new renewable energy capacity added globally in 2020, up 50% from the year before, as countries reduce their reliance on fossil fuel power.

NextEra Energy Inc briefly overtook Exxon Mobil Corp last year as the largest U.S.-listed energy company by market capitalization when the COVID-19 pandemic slashed fuel demand.

The decline in demand for fuel, combined with the Biden administration’s plans to get all of the nation’s electricity from clean energy sources by 2035, has turned the spotlight on utilities like NextEra, as well as other renewable energy companies.

NextEra Energy Partners, which has interests in U.S. wind and solar projects as well as natural gas infrastructure assets, said the deal would include four wind generation facilities in California and New Hampshire.

The Juno Beach, Florida-headquartered company said it expects adjusted core earnings’ run rate at the end of 2021 at the upper end of its earlier forecast of $1.44 billion to $1.62 billion and cash available for distribution also at the upper end of its previous outlook of $600 million to $680 million. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Krishna Chandra Eluri and Vinay Dwivedi)

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