XIFRNYSEElectric ServicesUS GAAP · USD

XPLR Infrastructure, LP

XPLR Infrastructure, LP is a U.S.-based clean energy infrastructure partnership with a partial ownership interest in a portfolio of wind, solar, and battery storage assets. Through XPLR OpCo, it holds interests in contracted power projects across multiple U.S. states and also has exposure to related infrastructure assets.

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Revenue1,188m USD
−3.4 %y/y
Operating profit (EBIT)-186m USD
+59.5 %y/y
EBIT margin-15.7%
+21.7 ppy/y
Net income-28.0m USD
−21.7 %y/y
Free cash flow-219m USD
−139.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50005001,0001,500m USD2020: 917 m USD2020: EBIT 253 m USD20202021: 982 m USD2021: EBIT 64 m USD20212022: 969 m USD2022: EBIT 44 m USD20222023: 1,078 m USD2023: EBIT -28 m USD20232024: 1,230 m USD2024: EBIT -459 m USD20242025: 1,188 m USD2025: EBIT -186 m USD20251,188-186
RevenueOperating profit (EBIT)

Business

Share of revenue
Wind generation45 %

Electricity produced from wind assets under long-term contracts.

Solar generation35 %

Electricity and renewable attributes generated by solar projects.

Battery storage10 %

Stand-alone and co-located storage assets that support grid balancing.

Solar-plus-storage10 %

Integrated solar projects paired with storage capacity.

Customers

XPLR sells most of its output under long-term power purchase agreements, typically to a single counterparty per project. Its customer base therefore consists mainly of utilities, power marketers, and other non-affiliated buyers that need contracted renewable electricity and related attributes.

PPA counterparties

Buy energy and renewable attributes from individual projects under long-term PPAs.

Utilities and load-serving entities

Purchase contracted renewable generation to meet demand and resource needs.

Power market participants

Use contracted or merchant-style supply arrangements for electricity needs.

Infrastructure investors and partners

Provide capital or co-investment in project-level and portfolio structures.

Strategy

XPLR's strategy centers on maximizing value from its contracted clean energy portfolio through repowering, co-located storage, and recontracting existing PPAs. It also seeks adjacent investment opportunities that can add incremental cash flow while using its operating and financing relationships to support portfolio growth.

Repowering and asset optimizationMedium term

Extends project life and can improve output from existing sites.

Contract renewal and recontractingShort term

Preserves cash flow visibility as PPAs mature.

Capital allocation disciplineMedium term

Supports portfolio growth while preserving financing flexibility.

Geography

XPLR's portfolio is located in the United States and spans 28 states, making it a geographically diversified domestic power business. Its assets are regional in nature because wind, solar, and storage economics depend on local resource quality, transmission access, and state-level permitting and policy.

Risks

XPLR's results depend on wind and solar resource conditions, contract performance, and the credit quality of a limited number of counterparties. The business is also exposed to regulatory, permitting, tariff, and supply-chain risks that can delay projects, raise costs, or reduce the value of clean energy investments.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Resource variability1Counterparty concentration2Permitting and regulatory delay3Financing and interest rate risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Resource variabilityImpact: HighLikelihood: Medium

    Wind and solar generation depends on weather and site conditions.

    Exposure: Project output and cash flow

  2. Counterparty concentrationImpact: HighLikelihood: Medium

    Many projects sell to a single PPA buyer, so one default can matter.

    Exposure: Revenue and receivables

  3. Permitting and regulatory delayImpact: HighLikelihood: Medium

    Projects require licenses, rights-of-way, and approvals to proceed.

    Exposure: Development pipeline and capital spending

  4. Financing and interest rate riskImpact: MediumLikelihood: Medium

    Project and holding-company funding depends on debt markets and covenants.

    Exposure: Liquidity and distribution capacity

  5. Tariffs and supply-chain disruptionImpact: Medium

    Equipment and construction inputs may become more expensive or delayed.

    Exposure: Project economics and timing

Accounting

Judgemental items
Revenue recognition under PPAs

Energy and renewable attributes are recognized as delivered, affecting timing of revenue.

Impact: Quarterly revenue and receivables

Fair value measurements and goodwill impairment

Project and investment values can change with market assumptions and sale plans.

Impact: Asset carrying values and earnings

Deferred tax assets

Recoverability depends on forecasts of future taxable income and tax planning.

Impact: Tax expense and balance sheet assets

Noncontrolling interests

A large portion of XPLR OpCo is owned by another party, affecting consolidation presentation.

Impact: Net income attributable to unitholders

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Last updated: 24/09/2026