Mergers & Acquisitions ·
Chesapeake sells 49% stake in Florida Energy Pathway to NextEra for $1.2B joint venture
CPKChesapeake Utilities Corp
Chesapeake Utilities Corporation announced the sale of a 49% minority interest in its Florida Energy Pathway project to NextEra Energy Resources, with Chesapeake retaining 51% ownership. The joint venture involves an estimated total investment of approximately $1.2 billion for the intrastate natural gas transmission infrastructure connecting Palm Beach County to Miami-Dade County. Construction is expected to begin in the first half of 2028, with the project anticipated to be in-service by 2030. Chesapeake's subsidiary will serve as the operator under a Construction, Operation and Management Agreement. Chesapeake Utilities Corporation operates as a diversified energy delivery company providing natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, and mobile compressed natural gas utility services.