Duke Energy announced it has reached an agreement with Brookfield, a global infrastructure investor, for Brookfield to acquire a 19.7% indirect equity interest in Duke Energy Florida for $6 billion. The investment will be made through Brookfield’s Super-Core Infrastructure strategy and will occur in phases from early 2026 through 2028.
According to the companies, this transaction will support a $4 billion increase in Duke Energy Florida’s five-year capital plan, raising total planned investment in the state to over $16 billion through 2029. The capital will fund grid modernization, resiliency initiatives, and generation capacity enhancements aimed at meeting growing energy demands across central and western Florida.
“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.”
Sam Pollock, chief executive officer of Brookfield’s infrastructure group added: “We are delighted to partner with Duke Energy in a critical business and premier regulated utility like Duke Energy Florida through Brookfield’s Super-Core Infrastructure strategy. We look forward to supporting the continued growth of Duke Energy Florida’s regulated asset base and, accordingly, ensuring excellent service delivery for its customers. This transaction underscores our patient strategy of partnering with leading corporates and investing in essential infrastructure assets that underpin economic growth, and that generate stable long-term cash flows across market cycles.”
Duke Energy will retain an 80.3% interest in the business and continue as majority owner and operator; no changes are planned for workforce or local leadership.
“Duke Energy’s commitment to our customers and communities is unwavering, driving us to continuously find innovative ways to meet the moment for our customers. This exciting partnership allows us to do just that,” said Melissa Seixas, Duke Energy Florida state president. “This partnership will create value for all of our communities as we invest in generation, transmission and distribution enhancements that increase reliability, maintain affordability and support future economic development in our state.”
The transaction is subject to regulatory approvals including from the Federal Energy Regulatory Commission (FERC), review by the Committee on Foreign Investment in the United States (CFIUS), as well as approval or non-objection by the Nuclear Regulatory Commission (NRC).
Duke Energy is one of America’s largest energy holding companies serving 8.6 million electric customers across six states including Florida.
Brookfield Asset Management manages over $1 trillion globally with investments focused on real assets such as utilities and essential service businesses.
JP Morgan Securities LLC is acting as financial advisor for Duke Energy while Skadden, Arps, Slate, Meagher & Flom LLP serves as legal counsel; RBC Capital Markets LLC advises Brookfield alongside Kirkland & Ellis LLP providing legal advice.
