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Brookfield invests $6 billion in Duke Energy Florida

Brookfield acquires 19.7% of Duke Energy Florida for $6 billion, strengthening the group's investment capacity and supporting a five-year modernisation plan valued at $87 billion.

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Duke Energy has confirmed the sale of an indirect 19.7% stake in Duke Energy Florida to Brookfield for a total amount of $6 billion. This transaction, carried out entirely in cash, aims to support the group’s business growth in Florida and consolidate its financial structure.

Strengthening the investment plan in Florida

The agreement will allow Duke Energy Florida, an integrated provider serving two million customers in central and western Florida, to increase its five-year investment plan by $4 billion. Total investment in the state will thus reach $16 billion through 2029. The funds will be mainly used to modernise network infrastructure, increase production capacity, and improve resilience in the face of sustained population growth.

Of the $6 billion resulting from the transaction, $2 billion will directly fund the investment plan, while $4 billion will be used to reduce the debt of Duke Energy’s holding company. Following the transaction, the group retains 80.3% of Duke Energy Florida and remains its operator, with no changes in team structure or local management.

Terms of the transaction and timeline

Brookfield, through its Super-Core Infrastructure strategy, is making this investment via Florida Progress, the owner of Duke Energy Florida. The payment will be made in several phases: $2.8 billion at the first closing expected in 2026, $200 million by the end of 2026, $2 billion in 2027, and the remaining $1 billion in 2028. Brookfield has the option to accelerate this schedule if needed.

The transaction is subject to obtaining the necessary regulatory approvals, including those from the Federal Energy Regulatory Commission, the Committee on Foreign Investment in the United States, and the Nuclear Regulatory Commission.

Effects on financial structure and sector dynamics

The transaction will enable Duke Energy to increase its funds from operations to debt ratio by 100 basis points, reaching 15%. The group also targets earnings per share growth of 5% to 7% through 2029. Brookfield, an asset manager with more than $200 billion in the infrastructure sector, supports Duke Energy during a period of strong expansion for public utilities in Florida.

Management specified that no changes are planned for staff or local leadership as the company continues to modernise its infrastructure and strengthen the reliability of its network.

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