NextEra Energy Inc ( NEE ) shares are sliding in extended trading Monday after the company announced plans to sell approximately $1.5 billion of equity units.

What Happened: NextEra Energy said it plans to sell equity units for $50 consisting 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 ( NEE ) debenture due Nov. 1, 2029.

In approximately three years, the equity unit holders will be required to purchase NextEra Energy common stock for cash. Upon settlement, NextEra Energy will issue the requisite number of shares of its common stock.

NextEra Energy anticipates approximately $1.45 billion in net proceeds from the sale, which will be added to the general funds of NextEra Energy Capital Holdings ( NEE ). NextEra Energy Capital Holdings ( NEE ) will use the funds for investments in energy and power projects, as well as other general corporate purposes.

NextEra Energy owns Florida Power & Light Company, which sells more power than any other utility company, providing electricity to more than 12 million people across Florida.

NEE Price Action: NextEra Energy shares are up approximately 23% over the past six months. The stock was down 3.95% in after hours, trading at $79.60 at the time of publication Monday, according to Benzinga Pro.

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