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June 27 (Bloomberg) -- NextEra Energy Partners LP, a business formed to own and operate renewable-energy plants built by NextEra Energy Inc., surged 28 percent after its initial public offering.

NextEra Energy Partners climbed to $32 at the close in New York. The company raised $406.3 million in its IPO, pricing 16.25 million common units at $25 each, according to a statement today.

NextEra Energy is one of at least a dozen developers in North America and Europe, including NRG Energy Inc. and Abengoa SA, that have formed similar ventures to own portfolios of power plants. The arrangement may lower NextEra Energy’s cost of capital for developing new projects.

NextEra Energy Partners will own an initial portfolio of 989.6 megawatts of wind and solar farms in the U.S. and Canada, according to a filing with the U.S. Securities and Exchange Commission. It will use the revenue from selling electricity to buy more power plants and to pay dividends.

NextEra Energy Partners said it expects to pay a quarterly dividend of 18.75 cents a unit. NextEra will own about 83 percent of NextEra Energy Partners following the offering, the prospectus shows, excluding an overallotment option for the underwriters to buy additional shares.

Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley managed the offering.

To contact the reporter on this story: Ehren Goossens in New York at

To contact the editors responsible for this story: Reed Landberg at Will Wade, Elizabeth Wollman

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