Duke Energy announced a definitive agreement with Brookfield for a $6 billion investment, giving Brookfield a 19.7% indirect equity interest in Duke Energy Florida (DEF). The partnership aims to support an additional $4 billion in DEF’s five-year capital plan, raising the total to $87 billion. The investment is expected to help Duke Energy meet rising energy demands and strengthen its financial position.
The transaction will see Duke Energy remain the majority owner and operator of DEF, retaining an 80.3% interest in the business. There are no planned changes to the workforce, operations, or leadership team in Florida as part of this deal.
“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 added: “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.”
DEF serves two million customers across central and western Florida as a vertically integrated electric utility company. The expanded capital plan will bring total investment within the state above $16 billion through 2029, focusing on grid modernization projects and increasing generation capacity.
“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 will make its investment via phased payments between early 2026 and 2028; it retains an option to accelerate funding sooner if desired. The agreement is subject to standard closing conditions including regulatory approvals from federal agencies such as the Federal Energy Regulatory Commission.
Duke Energy operates one of America’s largest energy holding companies with electric utilities serving 8.6 million customers across several states including North Carolina, South Carolina, Indiana, Ohio and Kentucky alongside Florida.
Brookfield Asset Management manages over $1 trillion globally with investments focused on real assets supporting public infrastructure needs.
More information about both companies can be found at their respective websites.
