Duke Energy has announced an agreement for Brookfield, a global infrastructure investor, to acquire a 19.7% indirect equity interest in Duke Energy Florida for $6 billion. The investment is structured as an all-cash transaction and will be executed through Brookfield’s Super-Core Infrastructure strategy.
The deal is expected to support a $4 billion increase in Duke Energy Florida’s five-year capital plan, bringing the total planned investment in the state to over $16 billion through 2029. This capital will be used for grid modernization, resiliency initiatives, and enhancements to generation capacity to meet the growing energy demands of central and western Florida.
“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, commented on the partnership: “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 will remain the majority owner and operator of Duke Energy Florida with an 80.3% stake after completion of the transaction. The company states there will be no changes to its workforce or leadership team in Florida.
“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.”
Brookfield’s investment will be made into Florida Progress—the entity owning all of Duke Energy Florida—in several phases between early 2026 and 2028. The transaction requires regulatory approvals from agencies including the Federal Energy Regulatory Commission and review by the Committee on Foreign Investment in the United States.
Duke Energy serves 2 million electric customers across central and western Florida as part of its broader portfolio covering six states.
More information about both companies can be found at their respective websites: duke-energy.com (https://www.duke-energy.com/) and brookfield.com (https://www.brookfield.com/).