NextEra Energy Partners LP (NEP) said on Friday it had signed a deal to acquire some solar and wind assets for $805 million, as the company looks to expand its renewables portfolio on surging demand for clean energy.
The push to promote alternative energy sources has gained fresh urgency this year as sanctions on major energy exporter Russia, following its invasion of Ukraine, sent crude and natural gas prices soaring.
Clean energy companies also stand to gain from the Inflation Reduction Act, a multi-billion climate spending bill that incentivizes measures to shift consumers to green energy and reduce carbon emissions.
NextEra Energy Partners, a limited-partnership formed by top renewable energy producer NextEra Energy Inc (NEE), will take a 49% stake in Emerald Breeze, a portfolio holding company that has about 1.5 gigawatts of solar and wind generation assets in Texas, Oklahoma, New York and Nevada.
Additionally, NextEra Energy Partners will take a separate, complete indirect membership interest in three wind generation facilities in Oklahoma, Iowa and Nebraska totaling about 345 megawatts.
Shares of the company were up about 2% at $78.06 in morning trading.
It expects the deals to close later this year and the power generation facilities to start operations by the end of the third quarter next year.
The company expects the acquisitions to contribute $210 million to $230 million to its adjusted EBITDA by late 2023.
Power Technology also reports NextEra Energy Partners to buy renewable portfolio worth $805m:
NextEra Energy Partners has signed a deal with subsidiaries of NextEra Energy Resources to acquire solar and wind assets worth $805m.
Under the agreement, the company will acquire a 49% interest in Emerald Breeze, which holds the portfolio.
Emerald Breeze has approximately 1.5GW of solar and wind power capacity across Texas, Oklahoma, New York and Nevada.
In addition, NextEra Energy Partners will acquire 100% of the indirect membership interests in three wind generation facilities with around 345MW of combined capacity.
The three facilities, namely Elk City Wind II, Sac County Wind and Sholes Wind, are located in Oklahoma, Iowa and Nebraska respectively.
NextEra said it expects these acquisitions to contribute up to $230m to its adjusted EBITDA by the end of next year.
The company said it will contribute its interests in the newly acquired projects and six existing renewable assets to a new portfolio following the acquisition.
NextEra Energy Partners chairman and CEO John Ketchum said: “The acquisition of the high-quality, long-term contracted renewable energy assets further enhances the diversity of the partnership’s existing portfolio.
“Combining this acquisition with the recapitalisation of six existing NextEra Energy Partners’ assets through the convertible equity portfolio financing with a global infrastructure investor is expected to provide significant benefits for unitholders, including a low cash coupon and the ability to retain upside from the share price appreciation for up to ten years.
“This significant access to low-cost capital leaves NextEra Energy Partners uniquely positioned to take advantage of the transformation underway in the energy industry and meet its long-term growth objectives.”
NextEra Energy Partners has also signed a convertible equity portfolio financing deal with the Ontario Teachers’ Pension Plan Board, which will invest $805m in the energy portfolio.
Last December, a subsidiary of NextEra Energy Resources agreed to sell a 50% stake in a 2.5GW renewable portfolio to the pension plan board.
Ontario Teachers’ put out a press release stating it plans to invest approximately US$805 million in part to support NextEra Energy Partners’ acquisition of approximately two-gigawatt renewable energy portfolio:
Transaction marks second investment with NextEra Energy and NextEra Energy Partners and adds to Ontario Teachers’ growing portfolio of green assets
TORONTO, ONTARIO (November 18, 2022)– Ontario Teachers’ Pension Plan Board (Ontario Teachers’) today announced that it has signed an agreement to invest approximately US$805 million in a convertible equity portfolio financing with NextEra Energy Partners, LP (NYSE: NEP). Ontario Teachers’ committed to the investment as part of the sale of renewable energy assets from NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE) to NextEra Energy Partners.
The approximately two-gigawatt portfolio comprises four newly constructed and nine operating wind, solar and energy storage assets, which are geographically diversified across U.S. power markets. The assets have in place long-term power purchase agreements with diversified, investment-grade counterparties.
This investment is the second in as many years by Ontario Teachers’ with NextEra Energy and NextEra Energy Partners, following on the acquisition of a direct interest and convertible equity portfolio financing agreement originally announced in November 2021.
“We are pleased to build on our partnership with NextEra Energy Resources and NextEra Energy Partners, a world leader in renewable energy generation, and to make another significant investment in a portfolio of high-quality wind and solar energy assets,” said Chris Ireland, Senior Managing Director, Greenfield and Renewables at Ontario Teachers’. “This portfolio of assets based across the U.S. is a strong complement to our existing portfolio and gives us additional exposure to the U.S. market.”
The investment is being made by the Greenfield and Renewables team, which is part of the Infrastructure & Natural Resources department at Ontario Teachers’. Current investments include development-focused platforms such as Cubico Sustainable Investments, Anbaric Development Partners, Equis Developments and Corio Generation, as well as a direct ownership stake in a portfolio of operating assets alongside NextEra Energy Resources. Total pro-rata capacity of the Greenfield and Renewables portfolio equals approximately 5.6 gigawatts.
Ontario Teachers’ expects to close the transaction later this year or in early 2023, subject to customary closing conditions and receipt of certain regulatory approvals.
Ontario Teachers’ financial advisor was TD Securities and legal advisor was Kirkland & Ellis LLP.
About Ontario Teachers’
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $242.5 billion as at June 30, 2022. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 333,000 working members and pensioners.With offices in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our more than 400 investment professionals bring deep expertise in industries ranging from agriculture to artificial intelligence. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.6% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
And NextEra Energy Partners put out a press release announcing an agreement to acquire an approximately 1,080-megawatt net interest in a portfolio of long-term contracted renewables projects and enters into new convertible equity portfolio financing:
- Announces agreement to acquire a 49% interest in an approximately 1.5-gigawatt renewables portfolio and approximately 100% of the indirect membership interests in an approximately 345-MW portfolio of operating wind assets
- Enters into agreement for a 10-year convertible equity portfolio financing for $805 million that includes the newly acquired assets plus six existing NextEra Energy Partners' wind projects
JUNO BEACH, Fla., Nov. 18, 2022 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it has entered into an agreement with subsidiaries of NextEra Energy Resources, LLC to acquire a 49% interest in an approximately 1.5-gigawatt renewables portfolio and approximately 100% of the indirect membership interests in an approximately 345-megawatt (MW) portfolio of operating wind assets. Immediately following the acquisition, NextEra Energy Partners will contribute its interests in the newly acquired projects and in six existing renewables assets to a new portfolio. In conjunction with the acquisition and creation of the new portfolio, NextEra Energy Partners has entered into a convertible equity portfolio financing with Ontario Teachers' Pension Plan Board (Ontario Teachers'), a leading global infrastructure investor, to invest $805 million into the new portfolio.
"The transactions announced today demonstrate NextEra Energy Partners' continued ability to execute on its long-term growth plan and continued access to attractive low-cost sources of capital," said John Ketchum, chairman and chief executive officer. "The acquisition of the high-quality, long-term contracted renewable energy assets further enhances the diversity of the partnership's existing portfolio. Combining this acquisition with the recapitalization of six existing NextEra Energy Partners' assets through the convertible equity portfolio financing with a global infrastructure investor is expected to provide significant benefits for unitholders, including a low cash coupon and the ability to retain upside from the share price appreciation for up to 10 years. This significant access to low-cost capital leaves NextEra Energy Partners uniquely positioned to take advantage of the transformation underway in the energy industry and meet its long-term growth objectives. In our view, NextEra Energy Partners remains well positioned to deliver unitholder value going forward."
Portfolio acquisition detailsThe contracted renewables portfolio of wind and solar assets to be acquired has a cash available for distribution (CAFD)-weighted remaining contract life of approximately 15 years and average customer credit rating of A+ at S&P and A2 at Moody's Investors Service. The assets included are:
- 49% of the membership interests in Emerald Breeze, an existing portfolio holding company, which indirectly owns:
- Great Prairie Wind, an approximately 1,029-MW wind generation facility located in Texas and Oklahoma.
- Appaloosa Run Wind, an approximately 172-MW wind generation facility located in Texas.
- Eight Point Wind, an approximately 111-MW wind generation facility located in New York.
- Yellow Pine Solar, an approximately 125-MW solar generation and 65-MW storage facility located in Nevada.
- 100% of the indirect membership interests in:
- Elk City Wind II, an approximately 107-MW wind generation facility located in Oklahoma.
- Sac County Wind, an approximately 80-MW wind generation facility located in Iowa.
- Sholes Wind, an approximately 160-MW wind generation facility located in Nebraska.
NextEra Energy Partners expects to acquire the interests in the assets for total consideration of approximately $805 million, plus the assumption of its share of the portfolio's estimated $1.5 billion in tax equity financing, subject to working capital and other adjustments. NextEra Energy Partners expects to complete the acquisition later this year, subject to customary closing conditions. At the time of the closing, all of the assets other than Appaloosa Run Wind, Eight Point Wind and Yellow Pine Solar will be in operation, with Appaloosa Run Wind and Eight Point Wind expected to be in service in December 2022 and Yellow Pine Solar scheduled to begin initial operations by the end of the third quarter of 2023. If any of those projects do not achieve commercial operation by Nov. 30, 2023, NextEra Energy Partners will have the right to require the seller to repurchase the ownership interests in such projects for the same purchase price paid by NextEra Energy Partners. Following the acquisition and all of the projects achieving commercial operation, the portfolio of assets is expected to contribute adjusted EBITDA of approximately $210 million to $230 million and CAFD of approximately $62 million to $72 million, each on a five-year average annual run-rate basis, beginning Dec. 31, 2023.
Creation of a new portfolioImmediately following the acquisition, NextEra Energy Partners will contribute its interests in the newly acquired projects to a new portfolio alongside six of the partnership's existing wind assets: Alta Wind VIII, Brady Wind, Brady Wind II, Golden West Wind, Osborn Wind and Oliver Wind III.
Financing detailsIn conjunction with the acquisition and creation of the new portfolio, NextEra Energy Partners has entered into a convertible equity portfolio financing agreement of approximately $805 million with Ontario Teachers' (the investor). Under the terms of the financing, the investor will initially fund approximately $645 million, which will be used by NextEra Energy Partners to finance its acquisition of the newly acquired assets. A second funding of approximately $160 million is expected to occur by the end of the third quarter of 2023 upon the achievement of the commercial operations of Appaloosa Run Wind, Eight Point Wind and Yellow Pine Solar.
The investor is expected to earn an effective annual coupon of approximately 2.8% on the outstanding investment over its initial 10-year period. The financing is expected to provide NextEra Energy Partners the flexibility to periodically buy out the investor's equity interest at a fixed approximately 7.0% pre-tax annual return (inclusive of all prior distributions) between the 5-year and 10-year anniversaries of the agreement. NextEra Energy Partners has the right to pay 100% of the buyout amount in NextEra Energy Partners common units, issued at no discount to the then-current market price.
OutlookFrom a base of its fourth quarter 2021 distribution per common unit at an annualized rate of $2.83, NextEra Energy Partners continues to expect 12% to 15% growth per year in limited partner distributions per unit as being a reasonable range of expectations through at least 2025, subject to the usual caveats. NextEra Energy Partners expects the annualized rate of the fourth-quarter 2022 distribution that is payable in February 2023 to be in a range of $3.17 to $3.25 per common unit.
NextEra Energy Partners continues to expect year-end 2022 run-rate adjusted EBITDA and CAFD in the ranges of $1.785 billion to $1.985 billion and $685 million to $775 million, respectively, reflecting calendar year 2023 contributions from the forecasted portfolio at the end of 2022.
NextEra Energy Partners also continues to expect Dec. 31, 2023, run-rate expectations for adjusted EBITDA in a range of $2.220 billion to $2.420 billion and CAFD in a range of $770 million to $860 million, reflecting calendar year 2024 expectations for the portfolio at year-end 2023.
These expectations are subject to the usual caveats and include the impact of incentive distribution rights (IDR) fees, as these fees are treated as an operating expense.
This news release refers to adjusted EBITDA and CAFD expectations. NextEra Energy Partners' adjusted EBITDA expectations represent projected (a) revenue less (b) fuel expense, less (c) project operating expenses, less (d) corporate G&A, plus (e) other income less (f) other deductions including IDR fees. Projected revenue as used in the calculations of projected EBITDA represents the sum of projected (a) operating revenues plus (b) a pre-tax allocation of production tax credits, plus (c) a pre-tax allocation of investment tax credits plus (d) earnings impact from convertible investment tax credits and plus (e) the reimbursement for lost revenue received pursuant to a contract with NextEra Energy Resources.
CAFD is defined as cash available for distribution and represents adjusted EBITDA less (1) a pre-tax allocation of production tax credits, less (2) a pre-tax allocation of investment tax credits, less (3) earnings impact from convertible investment tax credits, less (4) debt service, less (4) maintenance capital, less (5) income tax payments less, (6) other non-cash items included in adjusted EBITDA if any. CAFD excludes changes in working capital and distributions to preferred equity investors.
Adjusted EBITDA, CAFD and limited partner distributions and other expectations assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S.; public policy support for wind and solar development and construction; market demand and transmission expansion support for wind and solar development; market demand for pipeline capacity; access to capital at reasonable cost and terms; and no changes to governmental policies or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results. Adjusted EBITDA and CAFD do not represent substitutes for net income, as prepared in accordance with GAAP. The adjusted EBITDA and CAFD run-rate expectations have not been reconciled to expected net income because NextEra Energy Partners' net income includes unrealized mark-to-market gains and losses related to derivative transactions, which cannot be determined at this time.
NextEra Energy Partners, LPNextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind, solar and energy storage projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
This is another excellent deal for Ontario Teachers' and NextEra.
Keep in mind, it was just a year ago when Ontario Teachers’ announced it will acquire a 50% interest in a portfolio of high-quality renewable energy assets from NextEra Energy:
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) today announced that it has reached an agreement with NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), to acquire a 50% interest in a portfolio of high-quality wind, solar and energy storage assets across the U.S.
Ontario Teachers’ has agreed to acquire a 50% direct interest in an approximately 2,520-megawatts portfolio of 13 high-quality, long-term contracted renewable assets, which are geographically diversified across U.S. power markets, for a total consideration of approximately US$849 million. Ontario Teachers’ has also entered into a commitment to purchase at least a 25% interest in the US$824 million convertible equity portfolio financing announced by NextEra Energy in October 2021.
NextEra Energy manages and owns contracted clean energy projects with stable, long-term cash flows and builds energy infrastructure that drives economic growth and supports communities. Through its competitive clean energy business, NextEra Energy Resources, NextEra Energy is the world's largest generator of wind and solar energy and a world leader in battery storage.
“We are excited to make this significant investment and to grow our global portfolio of high-quality renewable energy assets,” said Chris Ireland, Managing Director, Greenfield and Renewables at Ontario Teachers’. “NextEra Energy is one of the world’s leading renewable energy companies and they share our focus on shaping a better future through the development of sustainable energy. This investment marks the beginning of what we expect will be a long-term partnership with NextEra Energy.”
The investment is being led by the Greenfield and Renewables team, which is part of the Infrastructure & Natural Resources department at Ontario Teachers’. Current investments supporting renewables development include Cubico Sustainable Investments, a global renewable energy company, Anbaric Development Partners, a builder of transmission solutions for renewables in the US northeast, and Equis Developments, a renewable developer in Asia-Pacific.
Earlier this year, Ontario Teachers’ committed to having net-zero greenhouse gas emissions across its portfolio by 2050. In September this year, it set industry-leading interim reduction targets: to reduce portfolio carbon emissions intensity by 45% by 2025 and two-thirds (67%) by 2030, compared to a 2019 baseline.
Ontario Teachers’ expects to close the transaction later this year or in early 2022, subject to customary closing conditions and receipt of certain regulatory approvals.
Ontario Teachers’ financial advisor was TD Securities and legal advisor was Kirkland & Ellis LLP.
I discussed that initial deal here and stated NextEra is a world leader in renewables, you have two of the best Canadian pensions structuring deals with it (Teachers' and CPP Investments).
I don't know much about Emerald Breeze, however, I can tell you wind energy is booming in deep-red Republican states where they love 'the sound of money':
Driving west from Oklahoma City to the outskirts of Weatherford, wind turbines don’t just dot the landscape; they dominate it.
From oil and gas booms and busts to heavy rains followed by drought, Oklahoma is no stranger to extremes. One constant is the wind, which is so bracingly strong that what locals call a breeze will send hats flying and whip open car doors suddenly.
“We’ve always had the wind in Oklahoma,” said Melva Dickey, a 91-year-old landowner and retired farmer.
Dickey leases her land to Ohio-based utility American Electric Power. With four turbines on her property, she — along with more than 300 other landowners — are harnessing the state’s most plentiful natural resource.
Far from the coasts, wind energy is thriving here in America’s heartland, on the vast plains of Oklahoma, Texas and Nebraska. Long an area devoted to oil and gas, Western Oklahoma is now home to one of the largest wind farms in the world.
The Traverse wind farm is made up of 356 turbines — each rising about 300 feet above the ground and spread out across 220,000 acres. The turbines tower over shimmering fields of wheat and give shade to cattle munching on hay. As they spin, they generate close to 1 gigawatt of energy; together with two other AEP-owned wind farms nearby, the trio will make enough electricity to power 440,000 homes each year.
Wind turbines are an icon for the energy transition and the subject of heated debate in Washington. They’ve been mocked by prominent members of the GOP, including former President Donald Trump, who recently called wind the “worst form of energy.”
But Weatherford Mayor Mike Brown told CNN that for the landowners in Western Oklahoma, the sound of a huge metal blade cutting through the atmosphere is “the sound of money.” For people who have long lived with wind whipping across their flat land, using it to make electricity is common sense.
“People look at it like, ‘Okay, I don’t see the negative of it,’” Brown said. “The landowners are benefiting; we’ve benefitted from the workers. It’s ‘how does it affect us?’ Some things we can’t control, this is something we can.”
The farmers who lease their land for wind energy hope it brings new financial stability to the area. Those who spoke with CNN said AEP will deliver 6-month payments to landowners based on how much electricity their turbines generate, as well as a base payment. Even people leasing land without a turbine on it will get a yearly check.
“As long as they’re spinning, they’re making us money,” said Scott Hampton, who farms a small herd of cattle and works at the local school. “In my view, it’s not a fight; it’s what can we do that’s good for the environment.”
You can read the rest of the article here but it's clear that wind energy is big business in these deep-red Republican states.
The only part of the financing details that I'm unclear on are the financing aspects discussed above in the NextEra Energy Partners press release:
In conjunction with the acquisition and creation of the new portfolio, NextEra Energy Partners has entered into a convertible equity portfolio financing agreement of approximately $805 million with Ontario Teachers' (the investor). Under the terms of the financing, the investor will initially fund approximately $645 million, which will be used by NextEra Energy Partners to finance its acquisition of the newly acquired assets. A second funding of approximately $160 million is expected to occur by the end of the third quarter of 2023 upon the achievement of the commercial operations of Appaloosa Run Wind, Eight Point Wind and Yellow Pine Solar.
The investor is expected to earn an effective annual coupon of approximately 2.8% on the outstanding investment over its initial 10-year period. The financing is expected to provide NextEra Energy Partners the flexibility to periodically buy out the investor's equity interest at a fixed approximately 7.0% pre-tax annual return (inclusive of all prior distributions) between the 5-year and 10-year anniversaries of the agreement. NextEra Energy Partners has the right to pay 100% of the buyout amount in NextEra Energy Partners common units, issued at no discount to the then-current market price.
I see why they put this in place but not sure how it benefits Ontario Teachers' over the long run if NEP does exercise its rights under these terms (they are favorable terms for both parties but Teachers' is looking to keep these assets over the long run).
Anyway, kudos to Chris Ireland, Senior Managing Director, Greenfield and Renewables at Ontario Teachers’ and his team, this is a great partnership with NextEra Energy Resources and NextEra Energy Partners, a world leader in renewable energy generation.
You can all read more about how Teachers' is building a sustainable energy future with NextEra here.
In related news, Ontario Teachers'announced that Allwyn has agreed to acquire Camelot UK from it:
London, United Kingdom – 18 November 2022 - Allwyn AG (“Allwyn” or the “Company”), Europe’s leading lottery operator, and Ontario Teachers’ Pension Plan Board (“Ontario Teachers’ ”) today announced Allwyn has agreed to acquire Camelot UK Lotteries Limited (“Camelot”).
Upon completion of the acquisition from Ontario Teachers’, Camelot UK Lotteries Limited, the current operator of the National Lottery under a licence that runs until 31 January 2024 (“the Third Licence”), will become a wholly owned subsidiary of Allwyn. The acquisition is anticipated to close in Q1 2023 subject to regulatory approvals, including from the Gambling Commission. The terms of the transaction were not disclosed.
Earlier this year, the Gambling Commission awarded Allwyn Entertainment Ltd (“AEL”) the licence to operate the National Lottery from 1 February 2024 (“the Fourth Licence”). Camelot will continue to be operated separately, in accordance with the terms of the Third Licence. Allwyn's ownership of Camelot will help facilitate a smooth transition as AEL prepares to take over the operation of the National Lottery from February 2024. AEL is working collaboratively with both Camelot and the Gambling Commission on its transition plan for the Fourth Licence.
Robert Chvátal, CEO of Allwyn AG, commented, “We are delighted to have the opportunity to acquire the current operator of the Third Licence for the UK National Lottery. Allwyn and Camelot share a common goal: a passion to protect and improve the UK National Lottery, and the good causes it celebrates. Common ownership of the operators of both the Third and Fourth Licences will help ensure the successful delivery of the National Lottery both in 2023 and over the next decade
“Allwyn is committed to making the National Lottery better, raising more for good causes and improving player protection. This deal strengthens the transition process and helps support Allwyn in achieving its vision for the National Lottery.”
Nick Jansa, Executive Managing Director for Europe, Middle East and Africa at Ontario Teachers’, said, “We are proud to have been a strong supporter and partner of the National Lottery over the past 12 years. In that time, under Camelot’s stewardship The National Lottery has raised more than £20 billion for good causes and has supported thousands of organisations across the United Kingdom. We believe this sale best positions the National Lottery for a smooth transition to the Fourth Licence operator and wish Allwyn every success. I want to express my sincere thanks to Camelot’s management and employees for their tremendous efforts in successfully running the National Lottery over the last decade, including achieving record revenues to good causes in the last year.”
The National Lottery has been a cash cow for Ontario Teachers', arguably one of its best investments ever.
In fact the Financial Times reports:
The lottery is one of the UK government’s most lucrative procurement contractsand the 10-year licence is projected to generate up to £100bn in sales for Allwyn. In the year to the end of March, Camelot reported sales worth £8.1bn.
Since its inception in 1994 the lottery has generated £46bn for good causes, including UK Sport, which supports athletes preparing for the Olympic and Paralympic Games, the Arts Council and the British Film Institute.
As part of its winning bid, Allwyn which changed its name from Sazka Group during the bidding process, pledged to halve ticket prices to £1, double the amount of money generated for good causes and invest heavily in new digital products.
In September, Allwyn, which is owned by Czech billionaire Karel Komárek, called off plans to float on the New York Stock Exchange via a blank cheque company run by Gary Cohn because of unfavourable market conditions.
I'm not sure why Ontario Teachers' is selling out of Camelot UK but there was controversy this summer when the British media reported Canadian teachers could "rob"£600 million from money meant for good causes in Britain for their pension fund if Camelot wins a legal battle that it unfairly lost out on running the National Lottery for the next 10 years.
Admittedly, I'm not privy to all the details but it's clear the UK lottery has generated billions for good causes and Ontario Teachers' can be proud of this and adding value to Camelot.
Alright, let me wrap it up there and also tell you Teachers' released a statement on FTX you can read here if you didn't read the updates in my recent comment on how the FTX disaster exposes weak due diligence from top investors.
Below, KOTV's News on 6 reports the largest wind farm built at once in North America is now running in Oklahoma. Public Service Company of Oklahoma said the hundreds of turbines are part of its efforts to increase renewable energy and save money for its customers.