On August 5, 2025, Duke Energy announced a definitive agreement for Brookfield, through its Super-Core Infrastructure strategy, to acquire a 19.7% indirect equity stake in Duke Energy Florida for US$6 billion (approx. C$8.1 billion). The all-cash investment will be phased: US$2.8 billion in early 2026, US$200 million by the end of 2026, US$2 billion in 2027, and US$1 billion in 2028, with an option to accelerate the funding. Duke Energy will retain an 80.3% stake and continue operating the utility.

Proceeds from the deal will be used to support Duke Energy’s $87 billion five-year capital plan, with US$2 billion (approx. C$2.7 billion) earmarked for that purpose and US$4 billion (approx. C$5.4 billion) to reduce holding company debt. The transaction is expected to enhance Duke Energy’s credit profile and fund energy modernization and grid resilience initiatives in Florida, where its five-year capital plan now exceeds $16 billion through 2029.

Duke Energy Florida, which serves 2 million customers, will benefit from Brookfield’s expertise in regulated infrastructure. The deal is subject to regulatory approvals, including from the FERC, CFIUS, and the NRC.

Legal advisors include Skadden, Arps, Slate, Meagher & Flom LLP for Duke Energy and Kirkland & Ellis LLP for Brookfield. JP Morgan Securities LLC and RBC Capital Markets LLC served as financial advisors to Duke Energy and Brookfield, respectively.