NextEra Energy Inc. (NYSE: NEE) is supposed to be one of the utilities leading the pack when it comes to renewable energy. Now the utility has announced that its limited partnership has filed for an initial public offering (IPO). The NextEra Energy Partners L.P. IPO will offer units rather than shares due to the master limited partnership (MLP) structure.

NextEra said that the MLP was formed by the company to own, operate and acquire contracted clean energy projects with stable, long-term cash flows. This will be through its limited partner interest in NEE Operating L.P., of which NextEra Energy Partners will also own a controlling, non-economic general partner interest.

What should really stand out here is not just the notion that this is another MLP. This one stated that it will target clean energy projects with stable and long-term cash flows. In short, it is a green MLP of sorts. It will own interests in 10 wind and solar projects, nine of which will be operational and one is expected to be in the final stages of construction.

The U.S. Securities and Exchange Commission filing says, “We intend to target a three-year annual growth rate in our cash available for distribution of 12% to 15% per common unit.”

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The filing shows that joint book-runners will be Bank of America Merrill Lynch and Goldman Sachs, with Morgan Stanley serving as a joint book-running manager for the offering. The filing is only for $50 million, but that number is simply for filing purposes.

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