Overview

A class action lawsuit has been filed against XPLR Infrastructure, LP (“XPLR” or the “Company”) f/k/a NextEra Energy Partners, LP and certain of the Company’s former senior executive officers alleging violations of the federal securities laws.  The Company’s common stock units traded in an efficient market on the New York Stock Exchange under the ticker symbols “NEP” and “XIFR.”

The XPLR class action lawsuit was brought on behalf of all persons and entities who purchased or otherwise acquired XPLR securities between January 26, 2021, and January 27, 2025, both dates inclusive (the “Class Period”).

XPLR acquires, owns, and manages contracted clean energy projects in the United States, including a portfolio of contracted renewable generation assets consisting of wind, solar, and battery storage projects.  The Company also owns contracted natural gas pipeline assets.  The Company changed its name from “NextEra Energy Partners, LP” to “XPLR Infrastructure, LP” in January 2025.

Throughout the Class Period, XPLR operated as a “yieldco” – that is, a business that owns and operates fully built and operational power generating projects, focused on delivering large cash distributions to investors.  Following the failures of other high-profile yieldcos, XPLR was one of the last remaining yieldcos on the market.  Indeed, the Company maintained its yieldco business model while championing its ability to do so, consistently increasing the amount of its cash distributions to investors throughout the Class Period.  In addition, from January 2021 to September 2023, XPLR continually asserted that it expected 12% to 15% per year growth in limited partner distributions as being a reasonable range of expectations through at least 2024.

Key to XPLR’s (temporary) survival as a yieldco were the various private convertible equity portfolio financing (“CEPF”) arrangements to which it was a party.  Under these CEPF arrangements, the Company would issue convertible securities, such as convertible notes or convertible debt, to large investors, which would later convert into equity in the Company based on a specified triggering event, such as automatically converting upon the CEPF’s maturity date.  To avoid these triggering events, the Company would need to exercise its option to purchase, or buy out, the outstanding equity interests in each CEPF.  In return for entering into a CEPF, XPLR received new equity capital, which it used to support its acquisition of additional cash-generating assets, thereby increasing its cash flows and, ultimately, its cash distribution to its unitholders.

The XPLR class action lawsuit alleges that Defendants, throughout the Class Period, made materially false and misleading statements regarding the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) XPLR was struggling to maintain its operations as a yieldco; (2) Defendants temporarily relieved this issue by entering into CEPF arrangements while downplaying the attendant risks; (3) XPLR could not buy out CEPFs before their maturity date without risking significant unitholder dilution; (4) 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; (5) as a result of all the foregoing, XPLR’s yieldco business model and distribution growth rate was unsustainable; and (6) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

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If you purchased or otherwise acquired XPLR securities between January 26, 2021, and January 27, 2025, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as lead plaintiff in the XPLR class action lawsuit is May 9, 2025