NextEra Energy Partners(US:NEP)2025-07-02 11:51Company Overview - XPLR Infrastructure operates approximately 10 GW of clean energy assets across 31 U S states[10, 13] - The company is the 3rd largest producer of wind and solar energy in the U S [11, 13, 54], with approximately 8 0 GW of wind, 1 8 GW of solar, and 0 2 GW of storage[11] - XPLR Infrastructure's net asset book value is approximately $20 billion, and its enterprise value is approximately $15 billion as of March 31, 2025[13] - The company's portfolio is diversified by technology, with wind accounting for 79%, solar for 18%, and battery storage for 3%[15] Financial Performance and Expectations - XPLR Infrastructure's 2024A Adjusted EBITDA was approximately $2 billion, and its 2024A Free Cash Flow Before Growth (FCFBG) was approximately $0 8 billion[13] - The company reaffirms its 2025 Adjusted EBITDA expectation of $1 85 billion - $2 05 billion[42] - The company expects 2026 Adjusted EBITDA to be $1 75 billion - $1 95 billion and FCFBG to be $600 million - $700 million[42, 54] - In Q1 2025, Adjusted EBITDA was $471 million and FCFBG was $194 million[38, 39] Capital Allocation and Strategy - The company completed a $1 75 billion HoldCo financing[34] - XPLR Infrastructure completed approximately $930 million buyout of CEPF 11 and plans to refinance those assets with traditional project debt[35] - The company is targeting approximately $1 1 billion to $1 2 billion in project-level financing in 2025 to support repowering capex[36]