Clean energy company NextEra Energy Partners said it would buy NET Midstream, a privately held company that develops natural gas pipeline assets, in a deal valued at $2.1 billion.

NextEra Energy Partners said the deal would give it seven natural gas pipelines in Texas, with the capacity to carry 3 billion cubic feet (bcf) of gas per day and the potential to expand by an additional 1 bcf.

The company's shares fell as much as 12 percent on Aug. 3.

NextEra Energy Partners will make an initial payment of $1.8 billion for NET Midstream, which is 50 percent owned by private equity fund ArcLight Capital Partners. The deal value also includes a $300 million future investment.

NextEra Energy Partners, which also raised its annual distribution by 12 cents per unit to 94 cents, said it expected the deal to immediately add to its distribution.

The company was formed by NextEra Energy Inc as a so-called "yield-co" to own renewable assets with multi-year contracts. The average contract life of the assets being acquired is 16 years, the companies said in a statement.

NextEra Energy also reported a better-than-expected profit, helped by higher earnings from its rate-regulated utility and its competitive energy business.

NextEra Energy Partners' shares were down 8.9 percent at $32.50 in late morning trading on the New York Stock Exchange, while NextEra Energy's shares were up 3 percent at $108.21.