If it goes through, the contract will fall right into the plans of Energy Future Holdings to exit from bankruptcy protection.
The proposal would need the sign-off of the DE judge overseeing Energy Future Holdings' bankruptcy, along with approval from the Public Utility Commission of Texas. NextEra will acquire all of the equity of a reorganized Energy Future Holdings, including its 80 percent stake in Oncor.
The NextEra-Oncor deal is "just another step in a very long process" and still requires approval by Texas utility regulators and the bankruptcy court, Hunt said in a statement Friday.
The Hale Wind Energy project won't be the only new energy stake NextEra will have in Texas.
Loaded with $42 billion in debt, the former TXU Corp.is splitting up in bankruptcy, using its Luminant and TXU Energy businesses to pay one major set of creditors, including senior lenders owed $24.4 billion.
Bidding had been robust for Oncor, with interest from energy companies and others including Berkshire Hathaway, Edison International, Hunt Consolidated and Fidelity Investments.
Investors saw value in Oncor as a regulated utility business, which was operating free and clear of Energy Future's financial woes.
The company has already reported selling two gas-fueled power plants in Pennsylvania for $760 million. NextEra will be eligible for a $275 million termination fee if Energy Future decides to pursue a superior deal. It operates through two subsidiaries, which includeFlorida Power & Light Company (FPL) and NextEra Energy Resources, LLC (NEER). Though Hunt Consolidated is a Texas company, bringing a distribution utility into something that looked like a REIT structure seemed freakish and too complex to many people, including regulators.
Starwood Energy Group Global, which focuses on gas-fired and renewable generation, transmission and storage facilities, agreed to buy the 790-MW combined cycle Marcus Hook Energy Center and the 50-MW simple cycle Marcus Hook 50 Energy Center in Marcus Hook, Pa.