XPLR Infrastructure, LP (NYSE: XIFR)

XPLR Infrastructure, LP operates as a clean energy infrastructure company in the United States, with a portfolio that includes wind, solar, and battery storage projects. As of December 31, 2025, XPLR owns interests in approximately 10 gigawatts of net generating capacity across 28 states, making it one of the largest generators of energy from wind and solar sources in the U.S. The company's portfolio is diversified across various generation technologies, including wind, solar, and battery storage projects, which are contracted under long-term power purchase agreements (PPAs).

XPLR generates revenue through the sale of electricity and related renewable energy attributes under these long-term PPAs. The company's primary products are clean energy generated from its wind, solar, and battery storage projects. XPLR serves a diverse customer base, including utilities and other wholesale end users. In 2025, approximately 14% and 15% of XPLR's consolidated revenues were derived from contracts with Pacific Gas and Electric Company and Southern California Edison Company, respectively.

• Wind Projects: XPLR's wind projects have a net generating capacity of 8,069 MW. These projects are contracted under long-term PPAs with expiration dates ranging from 2026 to 2051. The wind projects cater to the growing demand for clean energy in various regions across the U.S.

• Solar Projects: The company's solar projects have a net generating capacity of 1,718 MW. These projects are also contracted under long-term PPAs, with contract expiration dates ranging from 2035 to 2051. XPLR's solar projects contribute to the company's diversified portfolio and cater to the increasing demand for solar energy.

• Battery Storage Projects: XPLR's battery storage projects have a net generating capacity of 274 MW. These projects are contracted under long-term PPAs with expiration dates ranging from 2037 to 2051. The battery storage projects provide additional flexibility and support the integration of renewable energy sources into the grid.

XPLR Infrastructure, LP holds a significant position in the clean energy industry, competing with regulated utility holding companies, developers, independent power producers (IPPs), pension funds, and private equity funds. The company's competitive advantages include its contracted projects with stable cash flows, geographic and resource diversification, organic growth opportunities, and operational expertise provided by its management and operational services agreements with NEE and its subsidiaries. These strengths position XPLR well to capitalize on the growing U.S. power sector and deliver value to its common unitholders and customers over the long term.

XPLR's customer base includes utilities and other wholesale end users. Specific customers mentioned in the filing include Pacific Gas and Electric Company and Southern California Edison Company, which accounted for approximately 14% and 15% of the company's consolidated revenues in 2025, respectively. The company's projects sell the majority of their output and related renewable energy attributes under long-term, fixed-price PPAs to various counterparties.