Duke Energy has announced a definitive agreement for Brookfield, through its Super-Core Infrastructure strategy, to acquire a 19.7% indirect equity interest in Duke Energy Florida (DEF) for $6 billion. Brookfield is an infrastructure investor managing over $200 billion in assets across sectors including utilities and transport.
The transaction is structured as an all-cash deal and will support Duke Energy’s capital needs as it seeks to modernize its energy infrastructure and serve growing demand in its electric and gas utilities. Of the proceeds, $2 billion will be used to fund Duke Energy’s expanded five-year capital plan, now totaling $87 billion, while $4 billion will go toward reducing holding company debt.
“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.”
“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,” said Sam Pollock, chief executive officer of Brookfield’s infrastructure group. “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 Florida serves approximately 2 million customers throughout central and western Florida. The increased capital plan brings total investment in the state above $16 billion through 2029. Planned initiatives include grid modernization projects and upgrades to generation capacity designed to support customer growth.
“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 through Florida Progress—the entity owning DEF—in several phases: $2.8 billion at first closing expected early 2026; another $200 million by year-end 2026; an additional $2 billion in 2027; with the final $1 billion by 2028. Brookfield retains an option to accelerate funding.
After completion of the transaction phases, Duke Energy will continue as majority owner with an 80.3% stake and retain operational control over DEF’s workforce and leadership team.
The agreement is subject to regulatory approvals from agencies including the Federal Energy Regulatory Commission (FERC), Committee on Foreign Investment in the United States (CFIUS), as well as review or approval from the Nuclear Regulatory Commission (NRC).
Duke Energy operates electric utilities serving about 8.6 million customers across six states—North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky—and owns roughly 55 gigawatts of energy capacity nationwide.
Brookfield Asset Management is headquartered in New York with over $1 trillion under management globally.
More information about both companies can be found at their respective websites: https://www.duke-energy.com/ for Duke Energy; https://www.brookfield.com/ for Brookfield Asset Management.
