Xplr Infrastructure, Lp · NYSE:XIFR
Xplr Infrastructure, Lp — NextEra Energy Partners — Investor Presentation (November 2021)
12 slides from Xplr Infrastructure, Lp's investor presentation, November 2021
Slide 1: 2018 Convertible Equity Portfolio Financing Buyout
2018 Convertible Equity Portfolio Financing Buyout November 2021 1
Slide 2: Cautionary Statements And Risk Factors That May Affect Future Results
Cautionary Statements And Risk Factors That May Affect Future Results These presentations include forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. The factors that could cause actual results to
Slide 3: NEP successfully completed the early buyout of the 2018 CEPF
NEP successfully completed the early buyout of the 2018 Convertible Equity Portfolio Financing (CEPF) 2018 CEPF Buyout Overview • NEP exercised an early buyout of 100% of the noncontrolling equity interests in the 2018 CEPF portfolio for ~$885 MM – Buyout price to be paid 70% in NEP units and 30% in
Slide 4: NextEra Energy Partners – Acquisition Portfolio
NEP used the 2018 CEPF proceeds to support its purchase of ~1.4 GW of renewable projects from Energy Resources in December 2018 NextEra Energy Partners – Acquisition Portfolio • To finance the 2018 acquisition, Portfolio Overview NEP used proceeds from its Project Resource MW COD Canadian asset sale
Slide 5: 2018 CEPF Buyout – Units Issued
The 2018 CEPF significantly reduced the number of NEP units issued versus a comparable common equity financing 2018 CEPF Buyout – Units Issued • Issuing common equity for the Units Issued(1,3) 2018 acquisition would have (MM) 18 resulted in ~9 MM(1) more 16.0 units outstanding 15 – CEPF resulted in
Slide 6: 2018 CEPF Buyout – Cash Savings
The 2018 CEPF also generated ~$150 MM in cash savings by reducing debt service and avoiding LP distributions and IDRs that would have otherwise been paid on new units(1) 2018 CEPF Buyout – Cash Savings • Common equity issuance for Nominal Cash Cost(1,2) 2018 acquisition would have ($ MM) $200 $193 l
Slide 7: NEP expects to raise project finance debt on a subset of the portfolio
NEP expects to raise project finance debt on a subset of the portfolio to fund the cash portion of the buyout(1) and support other announced NEP growth investments Portfolio Back Leverage • Total portfolio supports Project Finance Capacity ~$950 MM of debt, highlighting ($ MM) flexibility in CEPF st
Slide 8: The 2018 CEPF buyout demonstrates the value of this innovative financing structure
The 2018 CEPF buyout demonstrates the value of this innovative financing structure for NextEra Energy Partners unitholders 2018 CEPF Buyout Benefits NEP unit price up NEP Unit more than 80% Reduce equity issuance ~55%(1) vs Upside over the past three common equity in 2018 Retained years & no issuanc
Slide 9: Definitional information
Definitional information NextEra Energy Partners, LP. Adjusted EBITDA and CAFD Expectations This presentation refers to CAFD expectations. NEP’s CAFD is defined as cash available for distribution and represents adjusted EBITDA less (1) a pre-tax allocation of production tax credits, less (2) a pre-t
Slide 10: Cautionary Statement And Risk Factors That May Affect Future Results
Cautionary Statement And Risk Factors That May Affect Future Results This presentation contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra
Slide 11: Cautionary Statement And Risk Factors That May Affect Future Results (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA), natural gas transportation agreements or other customer contracts at favorable rates or on a long-term basis; If the en
Slide 12: Cautionary Statement And Risk Factors That May Affect Future Results (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders ma
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