WASHINGTON (dpa-AFX) - Duke Energy (DUK) Tuesday reached a deal for Brookfield, through its Super-Core Infrastructure strategy, to hold a 19.7% indirect equity interest in Duke Energy Florida for an aggregate amount of $6 billion.
The investment represents a significant premium to Duke Energy's current public equity valuation. Two billion dollars of the proceeds from the transaction will fund Duke Energy's increased $87 billion, five-year capital plan and $4 billion will be used to displace holding company debt.
'For more than a century, we've had the privilege of serving extraordinary Florida communities, which are now some of the most dynamic and fastest growing in the nation,' said Harry Sideris, president and chief executive officer. 'We're pleased to have Brookfield, a highly regarded infrastructure investor, as a long-term partner in Duke Energy Florida. This significant transaction at a compelling valuation best positions Duke Energy to unlock additional capital investments in Duke Energy Florida during this unprecedented growth period. It also materially strengthens Duke Energy's overall credit profile, which in turn enables us to invest in our energy modernization plans across our entire footprint - all while helping keep prices as low as possible for our customers.'
Brookfield will invest in Florida Progress, which owns all of Duke Energy Florida. Brookfield will acquire its indirect equity interest in Duke Energy Florida in phases, with Florida Progress receiving $2.8 billion at the first closing expected to occur in early 2026 and another $200 million by the end of 2026.
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