April 2 (Reuters) - U.S. utility NextEra Energy Partnerssaid on Monday it would sell its wind and solar assetsin Ontario to Canada Pension Plan Investment Board (CPPIB) forabout $582.3 million.
CPPIB, Canada's biggest public pension fund, would alsoassume existing debt of about $689 million, NextEra said.
NextEra said the sale is part of a strategy to reinvestcapital back into its U.S. assets to take advantage of therecent cut in corporate tax rate.
U.S. corporate tax rate was reduced to 21 percent from 35percent following the enactment of a new tax code in December.
An affiliate of NextEra would continue to operate all thefacilities in Canada as per a 10-year services agreement withCPPIB, NextEra said.
NextEra said it expects the sale to close during the secondquarter of 2018.
(Reporting by Akshara P in Bengaluru; Editing by SrirajKalluvila)
