US-based renewable energy firm NextEra Energy Partners has signed an agreement to acquire integrated natural gas pipeline company, NET Midstream for $2.1bn.

The acquisition includes seven natural gas pipelines in Texas, US that ship 3 billion cubic feet (Bcf) a day.

Among the assets, the NET Mexico, Eagle Ford and the Monumentpipelines have the potential for expansion, which will increase the combined capacity by 1Bcf.

The transaction includes an initial payment of $1.8bn, which the company plans to finance through a combination of $1.2bn equity and $600m debt.

NextEra Energy plans to expand the projects with an investment of around $300m in 2016.

NextEra Energy Partners chairman and chief executive officer Jim Robo said: "The acquisition is expected to provide attractive yields to our investors and complements the partnership’s existing renewables portfolio by reducing the impact of resource variability on NextEra Energy Partners’ total portfolio.

"In addition, the transaction establishes NextEra Energy Partners’ presence in the long-term contracted natural gas pipeline space, providing a platform for future growth."

Subject to waiting period under the Hart-Scott-Rodino Act, the transaction is expected to be concluded within the next 75 days.