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NextEra Energy Partners to acquire 22.5% interest in Meade Pipeline for $286M

A NextEra Energy Partners subsidiary struck an agreement with Ares Management Corp. fund Ares Infrastructure and Power Group to acquire a 22.5% ownership interest in Meade Pipeline Co. LLC for $286 million.

Meade owns approximately 39% of the 185-mile Central Penn pipeline, which is the greenfield segment of Williams Cos. Inc.'s Atlantic Sunrise project, operated through its pipeline unit Transcontinental Gas Pipe Line Co. LLC, or Transco. Central Penn has a transportation capacity of up to 1.7 Bcf/d of Marcellus-produced natural gas to markets in the mid-Atlantic and Southeastern regions of the U.S. through interconnections to the rest of Transco's pipe system.

The deal, slated to close in the fourth quarter, includes a potential expansion that would add an estimated capacity of 0.6 Bcf/d to Central Penn through additional compression at new and existing stations, according to an Oct. 22 news release.

NextEra Energy Partners in September agreed to acquire Meade in a deal worth about $1.37 billion through the acquisition of AltaGas Ltd. subsidiary WGL Midstream Inc.'s stake in Central Penn. Oil and gas producer Cabot Oil & Gas Corp. also agreed to sell its 20% stake in Meade to a subsidiary of NextEra Energy Partners.

BMO Capital Markets acted as the financial adviser to Ares Infrastructure and Power.

NextEra Energy Partners is the yieldco affiliate of the electric utility NextEra Energy Inc., which serves about 5.5 million customers in Florida through two electric companies.