The company said it completed the First Closing, under which Florida Progress issued and sold membership interests equal to 9.2% of Florida Progress to Peninsula Power Holdings L.P., an affiliate of Brookfield Super-Core Infrastructure Partners, for about $2.8 billion on March 3, 2026.

1. 01

   The company said it completed the First Closing, under which Florida Progress issued and sold membership interests equal to 9.2% of Florida Progress to Peninsula Power Holdings L.P., an affiliate of Brookfield Super-Core Infrastructure Partners, for about $2.8 billion on March 3, 2026.

2. 02

   The company said the investor will make additional investments in Florida Progress of $200 million by December 31, 2026, $500 million by June 30, 2027, $1.5 billion by December 31, 2027, and $1 billion by June 30, 2028.

3. 03

   The company said its stake in Florida Progress will increase proportionally with each additional investment by Investor, and that the LLC Agreement grants Investor limited governance rights commensurate with its eventual anticipated 19.7% ownership.

4. 04

   The company said that under the LLC Agreement, the Florida Progress board will consist of eleven managers after the First Closing, with 2 nominated by the investor and 9 nominated by Progress Energy. The agreement also includes investor approval rights over certain major decisions and the right to require Progress Energy to buy the investor's stake.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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