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NextEra Energy to sell $2 billion of equity units to fund energy projects

Reuters
Feb 26
NextEra Energy to sell $2 billion of equity units to fund energy projects

Feb 26 (Reuters) - Utility NextEra Energy NEE.N said on Thursday it will conduct a public offering of $2 billion in equity units to fund investments in energy and power projects.

U.S. utilities have been investing billions of dollars to upgrade the country's electric grid as the rapid build-out of data centers drives up power consumption to record highs.

Shares of the company were down nearly 1% in premarket trading.

NextEra said it expects to grant the underwriters an option to purchase an additional $300 million worth of equity units to cover any over-allotment.

Each equity unit will be issued at a value of $50, consisting of a contract to purchase NextEra Energy common stock within three years, the company said in a statement.

Wells Fargo Securities, BofA Securities, Citigroup and Mizuho will serve as joint book-running managers for the offering.

(Reporting by Dharna Bafna in Bengaluru; Editing by Vijay Kishore)

((Dharna.Bafna@thomsonreuters.com))

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