Duke Energy has reached an agreement for Brookfield, via its Super-Core Infrastructure strategy, to acquire a 19.7 percent indirect equity stake in Duke Energy Florida for a total of $6 billion. Brookfield, a prominent infrastructure investor, manages over $200 billion in assets across sectors such as utilities, transportation, midstream, and data, Duke Energy said.
The investment supports Duke Energy’s ability to serve customers in its fast-growing electric and gas utilities, strengthens its balance sheet, and funds ongoing capital needs associated with its energy modernization strategy, the company said, adding that 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, Duke Energy stated.
“We’re pleased to have Brookfield, a highly regarded infrastructure investor, as a long-term partner in Duke Energy Florida”, Harry Sideris, Duke Energy President and Chief Executive Officer, said.
“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,” he added.
Duke Energy Florida serves two million customers in central and western Florida. The company’s five-year capital plan has increased by $4 billion, totaling over $16 billion in investments by 2029. This plan focuses on grid modernization, resiliency, and generation capacity enhancements to support growth in the region.
Brookfield will invest $6 billion in Florida Progress, which owns Duke Energy Florida, in phases. It will receive $2.8 billion at the first closing in early 2026, $200 million by the end of 2026, $2 billion in 2027, and $1 billion in 2028. Brookfield has the option to fund the total investment sooner.
Following the transaction, Duke Energy said it retains an 80.3 percent interest in the business and will continue to operate Duke Energy Florida. Brookfield will receive certain rights commensurate with its ownership interest.
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