Investor Presentaiton

NEP's tax shield creates the need to employ tax equity financing for projects that generate a large portion of their economics from tax credits PAYGO Tax Equity Financing Tax equity financing is used Project Cash Flow Split (1) • • to monetize tax attributes Under tax equity, an investor makes an up-front payment - Pre-payment for tax depreciation, 70% - 75% of expected PTCs, and a small portion of project cash Additionally, the investor makes PAYGO payments - 25% -30% of annual PTCs that enhance asset cash flow profile Project cash not paid to the investor and PAYGO payments make up total CAFD 8%-12% 30%-35% 55%-60% Reported NEP CAFD ■Tax Equity Share of Project Cash NEP's Cash From PAYGO Payments NEP's Share of Project Cash NEXTera energy™ PARTNERS 48 1) Cash flow splits are shown on a pre-tax basis

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