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Associated Press
14-03-2025
- Business
- Associated Press
XPLR Infrastructure LP (f/ka/ NextEra Energy Partners, LP) Stockholders: Robbins LLP Reminds XIFR Shareholders of the Pending Class Action Lawsuit
SAN DIEGO, March 14, 2025 (GLOBE NEWSWIRE) -- Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired XPLR Infrastructure LP (NYSE: XIFR) securities between January 26, 2021 and January 27, 2025. XPLR acquires, owns, and manages contracted clean energy projects in the U.S., including a portfolio of contracted renewable generation assets consisting of wind, solar, and battery storage projects. The Company changed its name from 'NextEra Energy Partners, LP' to 'XPLR Infrastructure, LP' in January 2025. For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The Allegations: Robbins LLP is Investigating Allegations that XPLR Infrastructure, LP (XIFR) Misled Investors Regarding its Yieldco Business Model According to the complaint, during the class period, defendants failed to disclose to investors that: (i) XPLR was struggling to maintain its operations as a yieldco; (ii) defendants temporarily relieved this issue by entering into CEPF arrangements while downplaying the attendant risks; (iii) XPLR could not buy out CEPFs before their maturity date without risking significant unitholder dilution; (iv) as a result, defendants planned to halt cash distributions to investors and instead redirect those funds to, inter alia, buy out the Company's CEPFs; and (v) as a result of all the foregoing, XPLR's yieldco business model and distribution growth rate was unsustainable. The truth slowly began to reveal itself beginning on April 25, 2023. With each disclosure, the price of XPLR's stock declined. The complaint alleges that on January 28, 2025, XPLR announced it was abandoning its yieldco business and indefinitely suspending its cash distribution to unitholders, stating it would redirect those funds to execute on several priorities, the first of which was to buy out its remaining CEPF obligations. The Company also revealed it had appointed a new CEO. Following these disclosures, XPLR's unit price fell $3.97 per unit, or 25.13%, to close at $11.83 per unit on January 28, 2025. XPLR's unit price continued to fall an additional $1.39 per unit, or 11.75%, over the following two consecutive trading sessions, to close at $10.44 per unit on January 30, 2025. What Now: You may be eligible to participate in the class action against XPLR Infrastructure, LP. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by May 9, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against XPLR Infrastructure, LP or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome.
Yahoo
28-01-2025
- Business
- Yahoo
XPLR Infrastructure shares tank on distribution suspension
By Tanay Dhumal (Reuters) - XPLR Infrastructure said on Tuesday it will suspend its distribution to unitholders for an indefinite period, sending the company's shares down 30%. The move comes as XPLR looks to reinvest most of its cash flow to fund its renewable energy investments. Earlier it was focused on raising capital to acquire assets and distributing most of its excess cash flows to shareholders. "The changes we are announcing today are intended to eliminate the need to issue equity," said Chairman John Ketchum. XPLR is a limited partnership, in which U.S. utility NextEra Energy has a majority holding, and works to acquire, manage and own contracted energy projects. XPLR also plans to use cash on hand to buy out three of its five convertible equity portfolio financings (CEPF), which refers to a portfolio of loans that can be converted to equity. It plans to sell the assets of the other two to fund their buyout. "We are encouraged by the amount of detail and disclosure provided in the update around the company's CEPF obligations and liquidity position, though we expect the (distribution) suspension to result in a shakeout of the investor base," analysts said in note. The company plans to invest about $945 million in 2025, $150 million in 2026 and $465 million in 2027 for the CEPF buyout, without issuing new equity. Juno Beach, Florida-based XPLR, which was renamed from NextEra Energy Partners last week, named Alan Liu, a NextEra executive, as CEO of the firm. Separately, NextEra Energy, reaffirmed its long-term financial expectations and added that its funding plan from 2024-2027 remains unchanged. Sign in to access your portfolio
Reuters
28-01-2025
- Business
- Reuters
NextEra Energy's XPLR Infrastructure shares tank on dividend suspension
Jan 28 (Reuters) - XPLR Infrastructure (NEP.N), opens new tab, a unit of utility firm NextEra Energy (NEE.N), opens new tab, said on Tuesday it will suspend its dividend for an indefinite period, sending the company's shares down 23% in premarket trade. The move comes as XPLR looks to reinvest most of its cash flow to fund its renewable energy investments. Earlier it was focused on raising capital to acquire assets and distributing most of its excess cash flows to shareholders. "The changes we are announcing today are intended to eliminate the need to issue equity," said Chairman John Ketchum. XPLR, which was renamed from NextEra Energy Partners last week, named Alan Liu, a NextEra executive, as CEO of the firm. Separately, NextEra Energy reaffirmed its long-term financial expectations and added that its funding plan from 2024-2027 remains unchanged. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
