Duke Energy announced a new partnership with Brookfield, which will see Brookfield acquire a 19.7% indirect equity interest in Duke Energy Florida for $6 billion. The investment is part of Duke Energy’s plan to support increased capital spending and strengthen its financial position as it seeks to meet rising energy demands in Florida.
Brookfield is an infrastructure investor with more than $200 billion in assets under management across various sectors. Under the agreement, Brookfield will invest in phases, starting with $2.8 billion at the first closing expected in early 2026 and additional payments through 2028. Brookfield has the option to fund the full amount sooner if desired.
Duke Energy remains the majority owner and operator of Duke Energy Florida, holding an 80.3% stake after the transaction closes. There are no planned changes to workforce, operations or leadership within Florida as a result of this deal.
The proceeds from the investment will be used to increase Duke Energy Florida’s five-year capital plan by $4 billion, bringing total planned investment in the state to over $16 billion through 2029. Another $4 billion will go toward reducing 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.”
Sam Pollock, chief executive officer of Brookfield’s infrastructure group, stated: “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 Florida serves about 2 million customers across central and western regions of the state. The expanded capital plan includes grid modernization projects and generation capacity enhancements aimed at increasing reliability for customers and supporting economic development.
“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 from bodies such as the Federal Energy Regulatory Commission and review by the Committee on Foreign Investment in the United States.
Duke Energy operates electric utilities serving 8.6 million customers across several states including North Carolina, South Carolina, Indiana, Ohio and Kentucky; it also provides natural gas services to 1.7 million customers.
Brookfield Asset Management is headquartered in New York with over $1 trillion under management globally.
More information about both companies can be found at their respective websites: https://www.duke-energy.com/ (Duke Energy) and https://www.brookfield.com/ (Brookfield).
