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Mexico: NextEra acquires TexasMexico gas pipeline in $21 billion deal

By  |  October 7, 2015
Mexico: NextEra acquires TexasMexico gas pipeline in $21 billion deal

NextEra Energy Partners announced that it has completed the previously announced acquisition of NET Midstream, a privately held developer, owner and operator of a portfolio of seven long-term contracted natural gas pipeline assets located in Texas. NextEra Energy Partners also announced the completion of the acquisition of the 149-megawatt (MW) Jericho Wind Energy Center in Ontario, Canada, from a subsidiary of its sponsor, NextEra Energy Resources.

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    In addition, the partnership has closed US$600 million of term loans, which completes its financing for the NET Midstream and Jericho acquisitions. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and residential, commercial and industrial customers in the Houston area.

    The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, US-sourced shale gas to Mexico under a 20-year ship-or-pay contract with a BBB+-rated, wholly owned subsidiary of Pemex Gas y Petroquimica Basica, a division of PEMEX, the Mexican state-owned oil and gas company.

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