According to the Complaint, XPLR Infrastructure, LP acquires, owns, and manages contracted clean energy projects in the U.S., including a portfolio of contracted renewable generation assets consisting of wind, solar, and battery storage projects. The Company changed its name from “NextEra Energy Partners, LP” to “XPLR Infrastructure, LP” in January 2025. This lawsuit was filed against XPLR and five of its Officers.

During the Class Period, XPLR operated as a "yieldco" - 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.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) XPLR was struggling to maintain its operations as a yieldco; (ii) Defendants temporarily relieved this issue by entering into convertible equity portfolio financing ("CEPF") arrangements while downplaying the attendant risks; (iii) XPLR could not buy out CEPFs before their maturity date without risking significant unitholder dilution; (iv) 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; (v) as a result of all the foregoing, XPLR's yieldco business model and distribution growth rate was unsustainable; and (vi) as a result, Defendants' public statements were materially false and misleading at all relevant times.