NEP closes $710M initial sale of 69% Class B interests in NEP Renewables IV to OTPP

XPLR Infrastructure, LP

Initial funding of ~$710M for ~69% noncontrolling Class B membership interests in NEP Renewables IV.
Final funding of ~$178M for additional ~17% Class B interests expected by Q3 2023.
NEP has buyout option from 5th to 10th anniversary at fixed pre-tax annual return of ~6.9%.
If no minimum buyout by 6.5 years, OTPP's distribution allocation rises to 99%.
Buyout may be paid in NEP non-voting common units at market price, cash, or a combination.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

XPLR Infrastructure, LP entered into LLC Agreement with an affiliate of the Ontario Teachers' Pension Plan Board (OTPP) valued at approximately $710 million (effective 2022-12-15).

Action: entry
Agreement: equity purchase
Counterparty: an affiliate of the Ontario Teachers' Pension Plan Board (OTPP)
Value: approximately $710 million
Effective: 2022-12-15

Exact text from the filing

and NEP, NEP Renewables Holdings IV, and OTPP entered into the amended and restated limited liability company agreement of NEP Renewables IV (LLC Agreement).

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XPLR Infrastructure, LP filing history →

Source: SEC EDGAR

accession 0001603145-22-000053

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