News Column

NextEra Energy Partners, LP Reports 2014 Second-Quarter Financial Results

July 29, 2014



JUNO BEACH, Fla., July 29 -- NextEra Energy issued the following news release:

NextEra Energy Partners, LP (NYSE: NEP) today reported 2014 second-quarter financial results. On July 1, 2014, NEP closed its initial public offering that raised approximately $438.3 million of proceeds, net of underwriting discounts, commissions and structuring fees, from the offering of 18,687,500 common units, representing limited partner interests, at a price of $25.00 per common unit.

Because the launch came at the end of the quarter, NEP was not yet operational in the second quarter. Therefore, the presentation of second-quarter results follows predecessor format, which is the same format presented in NEP's Form S-1. NEP observes that any analysis of its second-quarter results should recognize, among other effects, the difference between the tax treatment of its assets under the predecessor format and what it expects under the NEP structure going forward.

"NextEra Energy Partners had a very successful IPO that demonstrated the quality of the initial portfolio and the strength of its relationship with NextEra Energy Resources," said Jim Robo, chairman and chief executive officer of NextEra Energy Partners. "NEP's initial portfolio of assets performed well during the second quarter, and this month, we brought into service the Bluewater Wind Energy Center, which was the final project under construction in the initial portfolio. We remain encouraged about the growth prospects for NEP and about the long-term value of this partnership."

NEP reported net income for the second quarter of 2014 of approximately $22 million.

In July, the approximately 60-megawatt Bluewater Wind Energy Center in Canada came into service. The second unit of the Genesis Solar Energy Center in California came online late in the first quarter, and operated well during the second quarter. The NEP portfolio of assets performed well during the second quarter and in line with expectations.

Outlook

NEP continues to expect the initial portfolio to yield EBITDA of about $250 million and cash available for distribution of about $87 million for the 12 months ending June 2015, and these results are expected to support an initial distribution at an annualized rate of $0.75 per unit, assuming normal weather and operating conditions. The company expects unit distributions to grow about 12 to 15 percent per year for at least three years, which is expected to be achievable only with the acquisition of assets from the Right of First Offer (ROFO) portfolio, assuming current market conditions.

As previously announced, NextEra Energy Partners' second-quarter earnings conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the second-quarter financial results for NextEra Energy, Inc. (NYSE: NEE). The webcast is available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com. The slides and news release accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com beginning at 7:30 a.m. ET today. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the same link as listed above.

This news release should be read in conjunction with the attached unaudited financial information.

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