Investor Presentaiton
NEP's value proposition is built upon four core strengths
18-Yr
NextEra Energy Partners' Core Strengths
High-Quality Portfolio (1)
A3
Counterparty
Credit (2,3)
~3.7 GW
Renewables
Capacity
~4 Bcf
Pipeline Capacity
Financial Strength and Flexibility
>90%
of Project Debt
& Tax Equity
Is Amortizing (1)
Issuer Credit
Rating (4)
Ba1/BB/BB+
supports
4x-5x
Holdco debt / project
CAFD
Year-end 2017
~1.2x
Coverage
Ratio (5)
Remaining
Contract Life (2)
Tax-Advantaged Structure (6)
≥15 years
Not expected to
pay significant
U.S. federal taxes
≥8 years
Potential return of
capital treatment
for distributions to
the extent of
investor's tax
basis
Treated as C-Corp
for U.S federal tax
purposes with
Form 1099
for investors
(vs K1)
Opportunities For Growth
Clean energy
assets at
Energy
Resources,
including future
development
Organic
prospects for
Texas Pipelines
and Repowerings
3rd Party
acquisitions
32
123
LO
5
As of March 31, 2018; includes 396 MW of Canadian assets expected to be sold in Q2 2018
Weighted on calendar year 2018 Cash Available for Distribution (CAFD) expectations for expected portfolio as of March 31, 2018
Moody's rating related to firm contract counterparties
Moody's, Standard & Poor's, and Fitch ratings, respectively
Assumes calendar year 2018 expectations for portfolio as of 12/31/17, divided by the product of annualized
LP distributions of $1.62 and 156 MM outstanding units, plus distributions made to the Series A Preferred Units
6) As of March 31, 2018; should not be construed as tax advice
NEXTera energy™
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