“The third convertible equity portfolio financing associated with the Meade natural gas pipeline assets is expected to be addressed in 2025.”

In context

“we continue to expect that our average annual growth in operating cash flow will be at or above our adjusted EPS compound annual growth rate range. And as we announced in February, the Board of Directors of NextEra Energy approved a targeted growth rate in dividends per share of roughly 10% per year through at least 2026 off a 2024 base. As always, our expectations assume our caveat. Turning to NextEra Energy Partners, we continue to focus on executing against the partnerships transition plan and delivering an LP distribution growth target of 6% through at least 2026. We bought out the STX Midstream convertible equity portfolio financing in 2023 and have sufficient proceeds available from the Texas pipeline portfolio sale to complete the NEP Renewables II buyout due in June 2024 and 2025. The third convertible equity portfolio financing associated with the Meade natural gas pipeline assets is expected to be addressed in 2025. With the plan for the near-term convertible equity portfolio financings well understood, we remain focused on the partnership's cost of capital improving, which is critical for its success. With that objective in mind, we continue to evaluate alternatives to address the remaining convertible equity portfolio financing with equity buyout obligations in 2027 and beyond. Turning to the partnership's targeted 6% growth in LP distributions per unit, NextEra Energy Partners does not expect to need an acquisition this year to achieve its 6% targeted growth rate and the partnership does not expect to require growth equity until 2027. In terms of NextEra Energy Partners growth plan, as a reminder, it involves organic growth, specifically re-powering of approximately 1.3 gigawatts of wind projects”