Energy provider NextEra Energy announced that it will issue and sell $2.0 billion of equity units, in part to fund investments in energy and power projects. The announcement was made after the company’s shares hit an all-time high following strong updated guidance, driven by strong performance in the NextEra’s renewable energy portfolio.

The newly issue units will consist of a contract to purchase NextEra Energy common stock in the future and a 5% undivided beneficial ownership interest in a NextEra Energy Capital Holdings, Inc. debenture due Sept. 1, 2025.

Earlier this week, NextEra announced that, based on the ongoing strength of the renewables development environment and the continued execution across all of its businesses, it is increasing its financial expectations for 2021 and 2022 and is extending its longer-term growth outlook to 2023. The company increased its 2021 guidance range by $0.20 to $9.60 to $10.15, and stated that EPS is expected to grow expects to grow 6% to 8% in 2022 and 2023. Additionally, NextEra said that the board of directors had approved a four-for-one split of NextEra Energy common stock.

Following the guidance raise, Jim Robo, NextEra Energy Chairman and Chief Executive Officer, said:

“The increase and extension of our financial expectations is a reflection of NextEra Energy’s continued strong performance across all of its businesses and our belief that we remain as well-positioned as ever with excellent prospects for growth.

“The market for low-cost renewables continues to rapidly expand, and we believe our best-in-class development skills leave us uniquely positioned to capitalize on these significant investment opportunities. As a result of the strength and diversity of NextEra Energy’s underlying businesses, I will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings per share expectations ranges in 2020, 2021, 2022, and now 2023, while at the same time maintaining our strong credit ratings and, most importantly, continuing to reliably deliver for our customers. We have a long-standing track record of delivering value for our shareholders and remain focused on delivering on all of our commitments going forward.”