• Brookfield invests in a 19.7% non-controlling equity interest in Duke Energy Florida for $6 billion
• Partnership supports $4 billion increase in Duke Energy Florida’s five-year capital plan aimed at enhancing company’s ability to meet customers’ rapidly growing and evolving energy demands
• Attractive valuation and efficient form of financing enables 100 basis point increase in Duke Energy’s long-term FFO/Debt target to 15%, supports 5% to 7% EPS growth rate through 2029
• Duke Energy to remain majority owner and operator of DEF; no changes to workforce, operations or Florida leadership team

CHARLOTTE, N.C., Aug. 5, 2025 /PRNewswire/ — Duke Energy today announced it has entered into a definitive agreement for Brookfield, through its Super-Core Infrastructure strategy, to hold a 19.7% indirect equity interest in Duke Energy Florida for an aggregate amount of $6 billion. Brookfield is a leading infrastructure investor, with over $200 billion in assets under management across the utilities, transport, midstream and data sectors.

The all-cash transaction is an attractive and efficient form of financing. The investment supports Duke Energy’s ability to serve customers in its fast-growing electric and gas utilities, strengthens its balance sheet and funds ongoing capital needs associated with its energy modernization strategy.

The investment represents a significant premium to Duke Energy’s current public equity valuation. Two billion dollars of the proceeds from the transaction will fund Duke Energy’s increased $87 billion, five-year capital plan and $4 billion will be used to displace 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 is a vertically integrated electric utility company providing critical services to 2 million customers across central and western Florida. The $4 billion increase in Duke Energy Florida’s five-year capital plan takes total investment in the state to over $16 billion through 2029. This plan is underpinned by grid modernization and resiliency initiatives, as well as generation capacity enhancements to support the dynamic service territory and expanding customer base.

“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.”

Transaction structure

Brookfield will invest in Florida Progress, which owns all of Duke Energy Florida. Brookfield will acquire its indirect equity interest in Duke Energy Florida in phases, with Florida Progress receiving $2.8 billion at the first closing expected to occur in early 2026 and another $200 million by the end of 2026. An additional $2 billion will be received in 2027 and the remaining $1 billion will be received in 2028. Brookfield has the option to fund the total $6 billion investment sooner.

Duke Energy will retain an 80.3% interest in the business and will continue to operate Duke Energy Florida with its best-in-class workforce. Brookfield will receive certain rights commensurate with its ownership interest.

The transaction is subject to customary closing conditions, including regulatory approval from the Federal Energy Regulatory Commission and completion of review by the Committee on Foreign Investment in the United States as well as approval, or a determination that the transaction does not require approval, by the Nuclear Regulatory Commission.

JP Morgan Securities LLC is serving as Duke Energy’s financial advisor. Skadden, Arps, Slate, Meagher & Flom LLP is serving as Duke Energy’s legal advisor. RBC Capital Markets LLC is serving as Brookfield’s financial advisor. Kirkland & Ellis LLP is serving as Brookfield’s legal advisor.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company’s electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Brookfield

Brookfield Asset Management is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management. Brookfield invests client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy. Brookfield offers a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.

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