XPLR Infrastructure is a U.S. clean energy infrastructure company that owns and operates a portfolio of wind, solar, and battery storage generation assets totaling approximately 10 GW of net generating capacity across 28 states, making it one of the largest wind and solar generators in the U.S. by energy produced. Wind accounts for roughly 80% of capacity (~8 GW), with solar (~1.7 GW) and battery storage (~0.3 GW) making up the remainder. Nearly all projects sell electricity under long-term, fixed-price PPAs with a remaining weighted average contract life of approximately 12 years. XPLR has no employees; all operational and management services are provided by NextEra Energy Resources under a long-term Management Services Agreement. NextEra Energy is also XPLR's largest unitholder. XPLR generates cash by collecting contracted revenues from its project portfolio, with cash flows subject mainly to wind and solar resource variability. A key complexity in the capital structure is Convertible Equity Portfolio Financings (CEPFs) — partnership structures where third-party investors provided equity capital in exchange for a share of project cash flows and a buyout option. In early 2025, XPLR pivoted away from the traditional yieldco model, suspending its distribution and retaining cash flows to fund CEPF buyouts, wind repowering, and battery storage co-location at existing wind sites. XPLR targets free cash flow before growth of $600M–$700M annually through the end of the decade.