XPLR Infrastructure, LP

What they do

XPLR owns a controlling non-economic general partner interest and about 48.8% of XPLR OpCo, which holds interests in contracted wind, solar and solar-plus-storage projects plus a stand-alone battery storage project in 28 states. At December 31, 2025, the portfolio totaled about 10,061 net MW: 8,069 MW wind, 1,718 MW solar and 274 MW battery storage. In 2025, the projects generated approximately 26.0 million MWh from wind, 4.0 million MWh from solar and discharged 0.4 million MWh from battery storage.

Revenue drivers

• Wind generation — The largest part of the portfolio by capacity, at 8,069 net MW, with contracted project expirations ranging from 2026 to 2051.
• Solar and solar-plus-storage — 1,718 net MW of solar capacity with contract expirations from 2035 to 2051, generating about 4.0 million MWh in 2025.
• Battery storage — 274 net MW of battery storage capacity with contract expirations from 2037 to 2051; discharged 0.4 million MWh in 2025.

Recent performance

For second-quarter 2026, XPLR reported net income attributable to XPLR Infrastructure of $38 million, adjusted EBITDA of $523 million and free cash flow before growth of $257 million. The company completed the first minimum buyout of CEPF 5 for approximately $150 million and fully repaid $500 million of convertible notes using available cash. Management said roughly 50% of planned 2026 repowerings are complete, and it formed the Mammoth Plains Energy Storage and Carousel Energy Storage joint ventures under the battery storage co-investment agreement with NextEra Energy Resources, completing associated sales of interconnection assets and rights in July.

Strategy

XPLR says it is focused on disciplined capital allocation of cash flows from its existing portfolio and on capital structure simplification. It plans to invest in repowering existing renewable projects, co-located battery storage, and renewing, extending or recontracting existing PPAs. It also intends to pursue opportunities adjacent to its clean energy projects that are expected to provide incremental cash flows and growth. The company cited its contractual relationship with NEE as a competitive advantage and reaffirmed its 2026 financial expectations.

Risks

• Weather and resource variability — Wind and solar output depends on local conditions, and failure of projects to perform as expected could materially affect results.
• Customer and contract concentration — XPLR relies on a limited number of customers and vendors and may not be able to extend, renew or replace expiring or terminated PPAs or other customer contracts at favorable rates.
• Market and basis price risk — In certain circumstances XPLR is exposed to power market price risk from differences in pricing between commodity selling and purchasing locations, known as basis risk.
• Capital and development risk — Repowering and other project investments require up-front capital and expose XPLR to development, construction and financing risks, including higher costs or lower-than-expected returns.

Outlook

For calendar year 2026, XPLR continues to expect adjusted EBITDA of $1.75 billion to $1.95 billion and free cash flow before growth of $600 million to $700 million. Management said it remains focused on disciplined capital allocation, executing on opportunities within the existing portfolio and delivering long-term value for unitholders. The company noted it has completed approximately 50% of planned 2026 repowerings and is advancing its battery storage co-investment agreement with NextEra Energy Resources. These expectations assume normal weather and operating conditions, positive U.S. macroeconomic conditions, and public policy support for wind, solar and storage development and construction.