XPLR Infrastructure tumbles on suspending dividend, repositioning business

XPLR Infrastructure LP

28/01/2025 13:36

** XPLR Infrastructure's  NEP.N  shares tumble ~23% to $12.10
premarket
    ** Company, previously known as NextEra Energy Partners,
reports Q4 net loss of $1.08/shr vs profit of $1.20/shr a year
earlier
    ** XPLR Infrastructure to suspend distributions to
unitholders for an indefinite period as it repositions its
business model
    ** Company says it will now focus on utilizing retained
operating cash flows to fund investments instead of raising new
capital to acquire assets
    ** "The changes we are announcing today are intended to
eliminate the need to issue equity, (enabling NEP) to both
preserve its balance sheet capacity ... and maintain greater
financial flexibility," company says
    ** Company names Alan Liu, ex-NextEra Energy executive, as
president and CEO
    ** As of last close, company's shares down 11.2% YTD

(Reporting by Vallari Srivastava in Bengaluru)
((Srivastava.Vallari@thomsonreuters.com))