XPLR Infrastructure LP (XIFR) 2024 Q4 法說會逐字稿

Good day, and welcome to the XPLR Infrastructure fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 XPLR Infrastructure 第四季和 2024 年全年財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mark Edelman, Director of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係總監馬克·艾德曼。請繼續。

Thank you, Betsy. Good morning, everyone, and thank you for joining our call.

謝謝你，貝琪。大家早安，感謝大家參加我們的電話會議。

With me this morning are: John Ketchum, Chairman of XPLR Infrastructure; Brian Bolster; Rebecca Kujawa; and Mark Hickson, members of the XPLR Infrastructure's Board of Directors and Alan Liu, President and Chief Executive Officer of XPLR Infrastructure.

今天早上與我一起的有：XPLR Infrastructure 董事長 John Ketchum；布萊恩·博爾斯特麗貝卡·庫賈瓦；以及 XPLR Infrastructure 董事會成員 Mark Hickson 和 XPLR Infrastructure 總裁兼執行長 Alan Liu。

We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's conference call and the comments made during this conference call and the risk factors section of the accompanying presentation or in our latest report and filings with the Securities and Exchange Commission, each of which can be found on our website, www.xplrinfrastructure.com. We do not undertake any duty to update any forward-looking statements.

我們將根據目前的預期和假設在本次電話會議中做出前瞻性陳述，這些陳述受風險和不確定性的影響。如果我們的任何關鍵假設不正確，或者由於今天的電話會議中討論的其他因素、本次電話會議期間發表的評論以及隨附演示文稿中的風險因素部分或我們的最新報告和向美國證券交易委員會提交的文件中所述的其他因素（可在我們的網站 www.xplrinfrastructure.com 上找到），實際結果可能與我們的前瞻性陳述存在重大差異。我們不承擔更新任何前瞻性陳述的責任。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information.

今天的演示中也引用了非公認會計準則財務指標。您應該參考今天簡報附帶的幻燈片中包含的資訊來獲取定義資訊。

Please note that the name change to XPLR Infrastructure became effective on January 23 in trading on the New York Stock Exchange under the new stock ticker of XIFR. It will become effective on February 3. We will also be referring to convertible equity portfolio financings as CEPF throughout today's call.

請注意，名稱變更為 XPLR Infrastructure 已於 1 月 23 日在紐約證券交易所生效，新股票代號為 XIFR。該法案將於2月3日生效。在今天的電話會議中，我們還將把可轉換股票投資組合融資稱為 CEPF。

With that, I'll turn the call over to Brian.

說完這些，我將把電話轉給布萊恩。

Thank you, Mark, and good morning, everyone.

謝謝你，馬克，大家早安。

Today, XPLR Infrastructure is announcing a strategic repositioning of the company. I will first outline the major elements of that repositioning. I will then provide some background explaining how we have arrived at these changes, following a detailed strategic review of the company. Finally, I will discuss some of the related implications and opportunities. Alan Liu will conclude with details regarding XPLR's priorities and path forward.

今天，XPLR Infrastructure 宣布了該公司的策略重新定位。我將首先概述重新定位的主要內容。然後，我將提供一些背景信息，解釋在對公司進行詳細的策略審查之後，我們如何實現這些變化。最後，我將討論一些相關的含義和機會。Alan Liu 最後將詳細介紹 XPLR 的優先事項和未來發展規劃。

Turning now to the broad outline. First, the most important change XPLR is making is to suspend, for an indefinite period, distributions to unitholders. Rather than issue equity to make investments, including investing in the CEPF buyouts, XPLR will instead utilize its retained operating cash flow.

現在來談談大致情況。首先，XPLR 做出的最重要的改變是無限期暫停向基金份額持有人進行分配。XPLR 不會發行股票進行投資（包括投資 CEPF 收購），而是利用其保留的營運現金流量。

As such, today we are transitioning from a model that focused primarily on acquiring assets and paying out substantially all of its ongoing cash flows, which required constant access to equity markets, to a strategy that focuses on making investments funded by the cash flows and balance sheet capacity of the business, growth will be an output.

因此，今天我們正在從主要關注收購資產和支付幾乎所有持續現金流的模式（這需要不斷進入股票市場）轉變為專注於由業務現金流和資產負債表能力資助的投資的策略，成長將成為一種產出。

And to the extent our free cash flow exceeds investment opportunities with an attractive return profile, we remain committed to returning capital to unitholders, which will ultimately be what each of our investment alternatives will be measured against.

並且，如果我們的自由現金流超過具有吸引人回報狀況的投資機會，我們仍致力於向基金份額持有人返還資本，這最終將成為我們衡量每項投資選擇的指標。

In short, rather than seeking acquisitions to support a growing unitholder distribution, XPLR will be focused on investing its free cash flow to provide value accretion to unitholders, whether that is the cash buyout of CEPF, funding wind repowerings, investing in the colocation of storage at our renewable assets, pursuing other growth investments, or ultimately returning capital to unitholders.

簡而言之，XPLR 不會尋求收購來支持不斷增長的基金份額持有人分配，而是專注於投資其自由現金流，為基金份額持有人提供價值增值，無論是現金收購 CEPF、資助風力發電再發電、投資於可再生能源資產的存儲託管、進行其他增長投資，還是最終將資本返還給基金份額持有人。

By taking this action today, we believe we have eliminated the need to issue equity. We have also created a path to self-fund organic growth and other investment opportunities, while preserving our balance sheet and retaining the option to return capital to unitholders.

透過今天採取這項行動，我們相信我們已經消除了發行股票的需要。我們也開闢了一條自籌資金實現有機成長和其他投資機會的道路，同時保留了我們的資產負債表並保留了向基金份額持有人返還資本的選擇權。

Second, to implement this new approach, XPLR is putting in place a new management team, all of whom are and will continue to be employees of NextEra Energy. This management team, led by Alan Liu, will be looking broadly to create additional unitholder value both at the existing asset base and through ancillary opportunities, all measured against returning capital to unitholders.

其次，為了實施這項新方法，XPLR 正在組建一個新的管理團隊，所有成員都是 NextEra Energy 的員工，並將繼續是他們的員工。該管理團隊由艾倫·劉 (Alan Liu) 領導，將廣泛尋找在現有資產基礎上以及透過輔助機會創造額外單位持有人價值的方法，所有這些都以向單位持有人返還資本來衡量。

Associated with these changes is a change to the name of the company, which we think appropriately captures the transition from a company that was primarily an acquisition vehicle to an entity that will explore a broader suite of capital allocation and investment opportunities.

與這些變化相關的是公司名稱的變更，我們認為這恰當地體現了該公司從一家主要的收購工具向一家探索更廣泛的資本配置和投資機會的實體的轉變。

The XPLR team will continue to leverage the existing relationship with their largest unitholder, NextEra Energy, through supplier and financing contracts, meaningful Board representation, existing service agreements, and access to investment opportunities adjacent to XPLR's clean energy assets. Through its continued close relationship with NextEra Energy, XPLR will retain the same benefits and operational expertise that NextEra Energy currently provides across its entire portfolio.

XPLR 團隊將繼續利用與其最大單位持有人 NextEra Energy 的現有關係，透過供應商和融資合約、有意義的董事會代表、現有的服務協議以及獲得毗鄰 XPLR 清潔能源資產的投資機會。透過與 NextEra Energy 持續密切的關係，XPLR 將保留 NextEra Energy 目前在其整個投資組合中提供的相同優勢和營運專業知識。

Having given you the main elements of the changes we will be making, let me now spend a few minutes on some background which will give context for these changes. I will then turn to some of the implications of the changes and describe how we believe they will benefit the long-term interests of unitholders.

在向您介紹了我們將要進行的變革的主要內容之後，現在讓我花幾分鐘介紹一下這些變革的背景。然後，我將談論這些變化的一些影響，並描述我們認為它們將如何有利於單位持有人的長期利益。

When XPLR was established in 2014, we expected its basic function to be to acquire contracted clean energy assets and to hold those assets in a portfolio that delivered relatively low risk and growing cash flows. Other opportunities for growth, of course, were not ruled out, but this was expected to be the main path to growth, at least for some years.

當 XPLR 於 2014 年成立時，我們預計它的基本職能是收購合約清潔能源資產，並將這些資產持有在風險相對較低且現金流不斷增長的投資組合中。當然，也不排除其他成長機會，但預計至少在未來幾年內這將成為主要的成長途徑。

Explicit in this model of growth driven by acquisitions was the commitment to payout a very high proportion of annual cash flows, which necessarily meant that every new acquisition would bring with it a need for new equity issuances. For many years this model worked. However, as distributions per unit grew, the partnership needed to acquire more assets and thus issue more equity to support its distribution growth rate.

這種由收購驅動的成長模式明確規定，公司承諾支付極高比例的年度現金流，這必然意味著每次新的收購都會帶來發行新股的需求。多年來，這一模式一直有效。然而，隨著每單位分配的成長，合夥企業需要收購更多資產，從而發行更多股權來支持其分配成長率。

As our equity needs grew, the existing public equity market for yieldcos proved to be more limited, creating the need for substantial discounting and thus increased dilution. Therefore, we looked to private capital as a financing source to help support our growing equity needs and maintain our distribution growth rate.

隨著我們的股權需求不斷增長，現有的收益型公司公開股權市場顯得更加有限，導致需要大幅折價，從而增加了股權稀釋。因此，我們將私募資本視為融資來源，以幫助支持我們不斷增長的股權需求並維持我們的分銷成長率。

When issued, the CEPF offered new equity capital to support acquisitions. Unfortunately, as we began to buyout CEPF obligations by issuing equity in 2021, there was significant downward selling pressure on the unit price. If we had continued to issue equity to buyout to CEPFs, it would have resulted in significant dilution to unitholders.

CEPF 發行時提供了新的股本以支持收購。不幸的是，當我們在 2021 年開始透過發行股票來收購 CEPF 債務時，單位價格面臨著巨大的下行拋售壓力。如果我們繼續發行股票來收購 CEPF，那麼將會導致基金份額持有人的權益被嚴重稀釋。

Over this time, it has become clear that utilizing the significant cash available to XPLR to fund these buyouts instead of distributing that cash and issuing new equity results in what we believe is a better economic value proposition for unitholders over the longer term.

在這段時間裡，情況已經變得很清楚，利用 XPLR 可用的大量現金來資助這些收購，而不是分配這些現金並發行新股，我們認為從長遠來看，這將為基金份額持有人帶來更好的經濟價值。

It's within this context that XPLR reexamined its distribution policy and what level of adjustment to make going forward. As you're all aware, we have multiple opportunities for our cash, one, the buyout of CEPFs; two, other growth opportunities, including but not limited to repowers and investments in co-located storage; and three, return of capital to unitholders either in the form of a distribution or common unit buybacks.

正是在這樣的背景下，XPLR重新審視其分銷政策以及未​​來將做出何種程度的調整。大家知道，我們有多種方式利用現金，一是收購 CEPF；二、其他成長機會，包括但不限於再供電及對共置儲存的投資；第三，以分配或普通股回購的形式向基金份額持有人返還資本。

We also need to maintain sufficient balance sheet flexibility to efficiently refinance capital obligations as they come due. For several reasons, we believe a full suspension of the distribution gives us the clearest path to maximizing unitholder value.

我們還需要保持足夠的資產負債表彈性，以便在資本義務到期時有效地進行再融資。基於多種原因，我們認為全面暫停分配為我們提供了最大化單位持有人價值的最清晰途徑。

First, we believe it is in the best interest of unitholders to finance the buyout of selected CEPFs with cash flow, not equity. We believe buying out CEPF at double-digit unitholder returns is one of our most attractive investment opportunities.

首先，我們認為，以現金流而不是股權來為選定的 CEPF 的收購提供資金最符合基金持有人的利益。我們相信，以兩位數的基金份額持有人回報率收購 CEPF 是我們最具吸引力的投資機會之一。

Second, we expect to see attractive investments around our clean energy assets like wind repowers and co-located storage investments that we believe will create value for unitholders. These investments will generate incremental demand for cash which can be funded from retained cash flows.

其次，我們預計看到圍繞我們的清潔能源資產的有吸引力的投資，例如風力發電和共置儲存投資，我們相信這些投資將為基金持有者創造價值。這些投資將產生增量現金需求，資金可由保留現金流來滿足。

Third, given the unprecedented demand for power, we expect to have many other attractive investment opportunities through our close relationship with NextEra Energy. Finally, suspending the distribution today does not prevent a return of capital in the future, and we will evaluate all of our investment opportunities against returning capital to unitholders.

第三，鑑於對電力的需求空前高漲，我們預計透過與 NextEra Energy 的密切關係將獲得許多其他有吸引力的投資機會。最後，暫停今天的分配並不會妨礙未來的資本返還，我們將評估所有的投資機會，以便向基金份額持有人返還資本。

By fully suspending the distribution, we believe that XPLR will be able to adopt a business plan that does not contemplate equity issuances. In the face of attractive investment opportunities, continuing as an acquisition vehicle, while paying out a distribution at a double-digit yield is not the value maximizing path.

透過完全暫停分銷，我們相信 XPLR 將能夠採用不考慮股票發行的商業計劃。面對誘人的投資機會，繼續作為收購工具，同時以兩位數的收益率支付分配並不是價值最大化的途徑。

Similarly, maintaining a token distribution as part of our near-term capital allocation plan diverts cash flow from potential valuable investment opportunities. We believe a full suspension of the distribution allows us to retain the ability to allocate capital back to unitholders over time rather than payout a smaller distribution and potentially have to rely on the equity markets to fund buyouts or investments.

同樣，將代幣分配作為我們近期資本配置計畫的一部分，將現金流從潛在的寶貴投資機會中轉移出來。我們相信，全面暫停分配使我們能夠保留隨著時間的推移將資本分配回單位持有人的能力，而不是支付較少的分配，並可能不得不依靠股票市場來為收購或投資提供資金。

That's why today we announced the change in XPLR's business model to one that focuses on the economic allocation of the cash flows generated by XPLR's assets. Over the next two to three years that means XPLR plans to use a combination of its available cash flow and some balance sheet capacity to invest in the buyout of selected CEPFs at attractive returns and to advance our organic growth opportunities. The decision to buyout a CEPF or not will be based on the return of the cash flows acquired from the buyout.

這就是為什麼我們今天宣布改變 XPLR 的業務模式，使其專注於 XPLR 資產產生的現金流的經濟分配。這意味著在接下來的兩到三年內，XPLR 計劃利用其可用現金流和一些資產負債表能力，以有吸引力的回報投資收購選定的 CEPF，並推進我們的有機成長機會。是否收購 CEPF 的決定將取決於收購所獲得的現金流回報。

Over the longer term, XPLR plans to evaluate investment opportunities in other clean energy assets, including but not limited to co-locating storage across its renewables portfolio. The return on these opportunities will continually be measured against the value of returning capital to unitholders, including through common unit buybacks over time and potentially eventually restoring a distribution.

從長遠來看，XPLR 計劃評估其他清潔能源資產的投資機會，包括但不限於在其再生能源組合中共置儲存。這些機會的回報將持續與向基金份額持有人返還資本的價值進行衡量，包括透過一段時間內的普通股回購以及可能最終恢復分配。

At some point we can either reinitiate distributions, engage in buybacks or both. However, we do not expect to revert to a distribution policy of 90%-plus payouts of available cash flows. The timing of unit buybacks or future distributions is impossible to predict right now.

在某個時候，我們可以重新啟動分配、進行回購或兩者兼而有之。然而，我們預計不會恢復 90% 以上可用現金流的分配政策。目前無法預測單位回購或未來分配的時間。

They will depend on the investment opportunities available at a time. We will keep you updated on our thinking, and we are committed to the principle of returning to unitholders all capital in excess of that needed to fund only those investments that promise attractive risk adjusted returns.

它們將取決於當時可用的投資機會。我們將隨時向您通報我們的想法，我們致力於將超出所需資本的所有資本返還給基金份額持有人，這些資本僅用於資助那些承諾具有吸引力的風險調整回報的投資。

In the context of a dynamic capital allocation model, XPLR will be putting a new management team in place, all of whom will continue to be employees of NextEra Energy. The XPLR management team will be led by Alan Liu, who is on the call with me today and will serve as the partnership's Chief Executive Officer. XPLR will retain its close ties to NextEra Energy and again, XPLR's Board of Directors remains unchanged.

在動態資本配置模型的背景下，XPLR 將組成一個新的管理團隊，所有團隊成員都將繼續擔任 NextEra Energy 的員工。XPLR 管理團隊將由 Alan Liu 領導，他今天與我一起參加了電話會議，並將擔任該合夥企業的執行長。XPLR 將保持與 NextEra Energy 的密切聯繫，並且 XPLR 董事會保持不變。

Alan and his team will be responsible for executing on the repositioning of the business. XPLR's new management team is committed to assessing and pursuing a disciplined capital allocation policy which maximizes unitholder value either through its multiple investment opportunities or by returning capital to unitholders over time.

艾倫和他的團隊將負責執行業務的重新定位。XPLR 的新管理團隊致力於評估和推行嚴格的資本配置政策，該政策透過多種投資機會或隨著時間的推移向基金份額持有人返還資本來最大化基金份額持有人的價值。

Alan is an industry veteran with a proven track record of leadership and has held senior positions in risk Management and Corporate Development at NextEra Energy. Prior to joining NextEra Energy in 2021, Alan was a Managing Director at Goldman Sachs where he advised a broad range of companies, public and private, across the power utilities and renewable and energy and infrastructure sectors.

艾倫是一位業界資深人士，擁有出色的領導才能，曾在 NextEra Energy 擔任風險管理和企業發展的高階職位。在 2021 年加入 NextEra Energy 之前，Alan 曾擔任高盛的董事總經理，為電力公用事業、再生能源、能源和基礎設施領域的眾多上市公司和私營公司提供諮詢服務。

Alan brings to XPLR a diverse set of skills and nearly 20 years of electric infrastructure and financing experience that comes from helping companies think strategically about and execute on complex mergers, acquisitions, capital raise investments, and other strategic and financial matters.

艾倫為 XPLR 帶來了多樣化的技能和近 20 年的電力基礎設施和融資經驗，這些經驗來自於幫助公司策略性地思考和執行複雜的合併、收購、融資投資以及其他策略和財務事務。

With that, I will turn it over Alan to discuss the strategic repositioning in more detail.

接下來，我將交給艾倫更詳細地討論戰略重新定位。

Thank you, Brian, and good morning, everyone. Before I discuss the repositioning in greater detail, I feel it's important to provide a brief overview of XPLR's assets and key investment highlights.

謝謝你，布萊恩，大家早安。在我更詳細地討論重新定位之前，我覺得有必要簡要概述一下 XPLR 的資產和主要投資亮點。

XPLR Infrastructure is one of the largest independent power producers and the third largest producer of wind and solar energy in the United States, owning and operating a diverse set of high-quality generation assets, totaling 10 gigawatts in operation today.

XPLR Infrastructure 是美國最大的獨立電力生產商之一，也是美國第三大風能和太陽能生產商，擁有並經營多種優質發電資產，目前營運總容量為 10 吉瓦。

Our portfolio is diversified across generation technologies with wind, solar, and storage assets and across customers with high credit quality. Geographically, the portfolio is located in 31 states including power markets that are projecting significant future load growth which we think provides a number of opportunities including recontracting, repowering, and other investment opportunities enabled by the existing assets.

我們的投資組合多樣化，涵蓋風能、太陽能和儲能資產等發電技術，以及高信用品質的客戶。從地理位置來看，該投資組合遍佈 31 個州，包括預計未來負載將大幅成長的電力市場，我們認為這提供了許多機會，包括重新簽約、重新供電以及現有資產帶來的其他投資機會。

The portfolio generates most of its cash flows through long-term contracts with a weighted average remaining contract life of 13 years, with 78 different customers that have an average credit rating of BBB. This means we have long-term visibility to our project level cash flows.

該投資組合的大部分現金流來自長期合同，加權平均剩餘合約期限為 13 年，共有 78 個不同的客戶，平均信用評級為 BBB。這意味著我們可以長期了解專案層面的現金流。

As we have reviewed the universe of opportunities available to XPLR to deploy its cash flow, we have identified four priorities which we believe will drive value for unitholders.

我們審查了 XPLR 可用於部署現金流的各種機會，並確定了四個優先事項，我們認為這些優先事項將為基金份額持有者帶來價值。

The first priority is funding the cash buyout options of selected CEPFs. We expect the buyout of selected CEPFs to produce double-digit returns, allowing us to retain ownership of assets we believe will provide attractive opportunities well into the future.

首要任務是為選定的 CEPF 提供現金買斷資金。我們預計，部分 CEPF 的收購將帶來兩位數的回報，使我們能夠保留這些資產的所有權，並相信這些資產將在未來提供相當吸引力的投資機會。

We expect the buyout of these investments will also simplify our capital structure by eliminating friction costs such as change of control restrictions and make whole payments which can limit strategic flexibility.

我們預計，這些投資的收購也將透過消除摩擦成本（例如控制權變更限制和全額支付等可能限制策略靈活性的成本）來簡化我們的資本結構。

I will provide more detail on the specifics of these CEPFs buyouts after I have finished outlining all of our capital allocation priorities, but I want to reiterate we do not expect to need new equity issuance to address these buyouts.

在我概述我們所有的資本配置優先事項後，我將提供有關這些 CEPF 收購的更多細節，但我想重申，我們預計不需要發行新的股票來解決這些收購問題。

The second priority is investing in our existing assets, including wind repowering projects that meet double-digit return targets. Wind repowerings that we move forward on are expected to provide increased cash flows over the life of the asset which would enhance the value of our assets beyond the current contract period and create value for unitholders.

第二個優先事項是投資我們現有的資產，包括達到兩位數回報目標的風力發電項目。我們推進的風力發電再發電預計將在資產的整個使用壽命內提供更多的現金流，這將提高我們資產在當前合約期之後的價值，並為單位持有人創造價值。

Another investment opportunity in our existing assets is through co-located storage. Given the current market dynamics and demand for power, one of the most important development assets is an interconnection position. Without an interconnect, the project cannot move forward.

我們現有資產的另一個投資機會是透過共置儲存。鑑於當前的市場動態和電力需求，最重要的發展資產之一就是互連位置。如果沒有互連，專案就無法向前推進。

A typical site on average -- wind site on average produces energy approximately 40% of the time, which means the other 60% of the time the interconnect is available for a co-located battery. We have a multi-gigawatt opportunity with unutilized interconnection capacity that could be used to co-locate battery storage behind XPLR's approximately 10-gigawatt renewable portfolio today. This is a valuable asset, especially as times for interconnection continue to expand and the need for capacity solutions increases with growing power demand.

一個典型的站點——風力發電站點平均大約有 40% 的時間產生能量，這意味著其餘 60% 的時間互連可用於共置電池。我們擁有多千兆瓦的未利用互連容量機會，可用於將電池儲存與 XPLR 目前約 10 千兆瓦的再生能源組合共置。這是一項寶貴的資產，特別是隨著互連時間不斷延長，以及隨著電力需求的不斷增長，對容量解決方案的需求也隨之增加。

Over the longer term, we plan to evaluate other investment opportunities adjacent to our clean energy assets. The guiding principle of our investment strategy will be to find areas where XPLR has a differentiated market opportunity and can generate accretive returns for unitholders. We believe a logical place where we may find differentiated opportunities is in industries that are driving the fundamental 7x24 low demand for power.

從長遠來看，我們計劃評估與我們的清潔能源資產相鄰的其他投資機會。我們的投資策略的指導原則是找到 XPLR 具有差異化市場機會並能為基金份額持有者創造增值回報的領域。我們相信，我們可能在那些推動全天候低電力需求的產業中找到差異化機會。

Power demand growth is forecasted to increase six-fold in the next 20 years versus the prior 20. US data center demand alone is expected to increase substantially, adding approximately 460 terawatt hours of new electricity demand at a compound annual growth rate of approximately 22% from 2023 to 2030.

預計未來 20 年的電力需求成長率將比前 20 年成長 6 倍。光是美國資料中心的需求預計就會大幅增加，2023年至2030年期間將增加約460太瓦時的新增電力需求，年複合成長率約為22%。

We believe XPLR is well-positioned to capitalize on this expected long-term secular demand shift in power demand through its own assets and also through new opportunities that may become available through its close relationship with its largest unitholder, NextEra Energy.

我們相信，XPLR 完全有能力利用其自有資產以及透過與其最大股東 NextEra Energy 的密切關係可能獲得的新機會，利用這種預期的長期電力需求變化。

Over the next two years, the buyout of selected CEPFs and investments in our existing assets, including previously announced repowers, will require approximately $4.4 billion of debt financing that includes approximately $1.5 billion of new debt.

未來兩年內，對選定的 CEPF 的收購以及對我們現有資產的投資（包括先前宣布的重新授權），將需要約 44 億美元的債務融資，其中包括約 15 億美元的新債務。

In addition to funding these initial two priorities, we plan to expand the focus of our cash allocation to new growth opportunities as well as return of capital to unitholders, our third and fourth priorities. We will measure growth opportunities in comparison to each other and relative to returning capital to unitholders with a goal of allocating capital to the highest returning opportunity.

除了為這最初的兩個優先事項提供資金外，我們還計劃將現金分配的重點擴大到新的成長機會以及向基金份額持有人返還資本（這是我們的第三和第四個優先事項）。我們將相互比較並相對於向單位持有人返還資本來衡量成長機會，目標是將資本分配給回報最高的機會。

While we are raising new debt as part of our capital plan, we are also refinancing existing debt, including project debt and holding company debt. For the $2.2 billion of holding company debt coming due through 2027, we plan to refinance those maturities at the holding company when they mature in 2025, '26 and '27.

在我們根據資本計畫籌集新債的同時，我們也正在為現有債務進行再融資，包括專案債務和控股公司債務。對於 2027 年到期的 22 億美元控股公司債務，我們計劃在 2025 年、2026 年和 2027 年控股公司債務到期時進行再融資。

We have approximately $3.6 billion of interest rate hedges in place to derisk those planned issuances. But consistent with our view on the dilutive impact of issuing equity, we do not plan to reissue convertible debt. We are committed to ensuring sufficient balance sheet strength and liquidity to facilitate our refinancing activities, allowing us to extend the holding company maturities.

我們已採取約 36 億美元的利率對沖措施來降低這些計畫發行的風險。但根據我們對發行股票的稀釋影響的看法，我們不打算重新發行可轉換債券。我們致力於確保足夠的資產負債表實力和流動性，以促進我們的再融資活動，使我們能夠延長控股公司的期限。

Along these lines, we recently received ratings affirmation from each of the agencies based on the plan we are laying out here today. Again, following the distribution suspension, we believe XPLR can pursue a number of opportunities it has available to it, including the CEPF buyouts, repowers, and select other growth opportunities without having a need to issue incremental equity.

按照這些思路，根據我們今天制定的計劃，我們最近收到了各機構的評級確認。再次，我們相信，在暫停分配之後，XPLR 可以尋求其可以利用的多種機會，包括 CEPF 收購、重新授權以及選擇其他成長機會，而無需發行增量股權。

Having given you an overview of our capital plan, I want to provide more details on the CEPF buyouts. Today, we have five CEPFs in place. We intend to buyout three of these portfolios with cash and we intend to sell the assets of the other two to fund their buyouts. We have provided specific plans for each CEPF in the presentation, but in summary and based on these assumptions, for three CEPFs we plan to buyout with cash, we will invest approximately $945 million in 2025, $150 million in 2026, and $465 million in 2027.

在向您概述了我們的資本計劃後，我想提供有關 CEPF 收購的更多細節。今天，我們已建立五個 CEPF。我們打算用現金收購其中三個投資組合，並打算出售另外兩個投資組合的資產來為它們的收購提供資金。我們在簡報中為每個 CEPF 提供了具體的計劃，但總結起來並基於這些假設，對於我們計劃用現金收購的三個 CEPF，我們將在 2025 年投資約 9.45 億美元，2026 年投資 1.5 億美元，2027 年投資 4.65 億美元。

At the end of 2027 we expect to have only two remaining CEPFs outstanding. We have also worked collaboratively with the investor in one of these two remaining CEPFs to create the option to restructure the approximately $1 billion buyout payment due in 2030 into smaller distributed payments through 2034. This allows us to fund buyouts in that timeframe from cash flow.

我們預計，到 2027 年底，將只剩下兩筆未償還的 CEPF。我們還與這兩個剩餘 CEPF 之一的投資者合作，創建了將 2030 年到期的約 10 億美元收購付款重組為 2034 年前較小額度的分散式付款的選項。這使得我們能夠利用現金流在該時間範圍內資助收購。

In summary, we believe we have a pathway to address all of the CEPFs which does not require us to issue equity.

總而言之，我們相信我們有一條途徑來解決所有 CEPF 問題，而不需要我們發行股票。

Switching gears to our financial results. For the full year 2024, our adjusted EBITDA was approximately $1.96 billion, very close to the midpoint of our run rate expectations range. For 2025, assuming normal weather and operating conditions among other caveats, we expect our adjusted EBITDA to be roughly flat year over year, although results may be impacted by the timing of the expected sale of the Meade Pipeline investment that we currently expect in the fourth quarter 2025.

轉向我們的財務表現。2024 年全年，我們的調整後 EBITDA 約為 19.6 億美元，非常接近我們的運行率預期範圍的中點。對於 2025 年，假設天氣和營運條件正常以及其他因素，我們預計調整後的 EBITDA 將與去年同期基本持平，但結果可能會受到 Meade Pipeline 投資預期出售時間的影響，我們目前預計該投資將在 2025 年第四季出售。

For calendar year 2026, we expect the portfolio to deliver adjusted EBITDA of $1.75 billion to $1.95 billion. The decline in adjusted EBITDA of approximately $105 million is due to the impact the expected sale of the Meade Pipeline investment in the fourth quarter of 2025.

對於 2026 日曆年，我們預計該投資組合的調整後 EBITDA 將達到 17.5 億美元至 19.5 億美元。調整後 EBITDA 下降約 1.05 億美元，是由於預計 2025 年第四季出售 Meade Pipeline 投資的影響。

With the repositioning, XPLR is changing its cash flow expectations metric to free cash flow before growth. Cash available for distribution is no longer meaningful for an entity suspending its distribution indefinitely. You can reference our financial disclosures for the specific definitions.

隨著重新定位，XPLR 正在將其現金流量預期指標更改為成長前的自由現金流。對於無限期暫停分配的實體來說，可供分配的現金不再有意義。您可以參考我們的財務揭露來了解具體定義。

As with other companies including independent power producers with meaningful free cash flow and multiple capital allocation opportunities, we believe free cash flow before growth will be a more appropriate metric to help guide our capital allocation decisions.

與其他公司（包括擁有有意義的自由現金流和多種資本配置機會的獨立電力生產商）一樣，我們認為成長前的自由現金流將是幫助指導我們的資本配置決策的更合適的指標。

Given that 2025 is a transition year which will have partial impacts of $945 million for CEPF buyouts, the expected Meade pipeline investment sale and other HoldCo financings, we believe 2026 represents a more appropriate baseline for our free cash flow before growth metric. We expect free cash flow before growth to be in the range of $600 million to $700 million in 2026 and we expect it to remain relatively consistent through the end of the decade.

鑑於 2025 年是一個過渡年，將對 CEPF 收購、預期的 Meade 管道投資出售和其他 HoldCo 融資產生 9.45 億美元的部分影響，我們認為 2026 年代表了我們的增長指標前自由現金流更合適的基準。我們預計，2026 年成長前的自由現金流將在 6 億至 7 億美元之間，我們預計到本世紀末它將保持相對穩定。

As discussed earlier, we expect our cumulative free cash flow before growth will exceed our remaining CEPF buyout options, which we expect will provide us optionality to allocate capital on the benefit of unitholders.

如同先前所討論的，我們預期成長前的累積自由現金流將超過我們剩餘的 CEPF 買斷選擇權，我們預計這將為我們提供選擇權，以便為基金份額持有人的利益分配資本。

We have provided a detailed walk from our midpoint 2023 run rate cash available for distribution expectations provided in the fourth quarter of 2023 to our 2026 free cash flow before growth expectations. After adding back debt paydown to get to free cash flow before growth, the main drivers between expected 2024 free cash flow before growth and 2026 calendar year expectations are the estimated impact of the expected Meade Pipeline sale and higher financing costs.

我們提供了詳細的步調，從 2023 年第四季提供的可供分配的 2023 年中點運行率現金預期到 2026 年增長前自由現金流預期。在加上債務償還以獲得增長前的自由現金流後，預計 2024 年增長前自由現金流與 2026 日曆年預期之間的主要驅動因素是預期的 Meade Pipeline 出售和更高的融資成本的估計影響。

Higher financing costs include the buyout of CEPF 1 and the refinancing of zero coupon and other low cost converts with debt. While our cash flow is expected to decline as a function of these higher financing costs, we believe unitholders are meaningfully better off on a cash flow per unit basis relative to issuing equity at current prices.

較高的融資成本包括CEPF 1的收購以及零息債券和其他低成本債券的債務再融資。雖然我們的現金流量預計會隨著融資成本的上升而下降，但我們認為，與以當前價格發行股票相比，單位持有人的每單位現金流將顯著增加。

In summary, we are suspending the distribution and executing on a plan that enables XPLR to pursue investment opportunities available to it and that does not contemplate issuing equity. We believe investing in CEPF buyouts is our best value maximizing opportunity for unitholders.

總而言之，我們正在暫停分配並執行一項計劃，該計劃使 XPLR 能夠尋求可用的投資機會，並且不考慮發行股票。我們相信，投資 CEPF 收購是為基金份額持有者實現價值最大化的最佳機會。

Next, we are going to opportunistically invest in growth opportunities including repowerings and co-located battery storage across our portfolio, as well as other investment opportunities that arise, while maintaining sufficient balance sheet strength to address our maturities.

接下來，我們將抓住機會投資於成長機會，包括我們投資組合中的再供電和共置電池存儲，以及出現的其他投資機會，同時保持足夠的資產負債表實力以解決我們的到期債務。

All of these investments will be measured against returning capital to unitholders. Over the time, we expect that return of capital to take the form of either common unit buybacks or potentially the reinitiation of a distribution.

所有這些投資都將根據向基金份額持有人返還的資本來衡量。隨著時間的推移，我們預計資本回報將採取普通股回購或可能重新開始分配的形式。

In our view, we believe this repositioning will enable XPLR to unlock the value of the strong cash flows in the existing portfolio today and best position XPLR to allocate cash flow optimally for unitholders in the future. This focus on disciplined capital allocation is consistent with the capital allocation strategy deployed by high cash flow generating companies like independent power producers.

我們認為，此次重新定位將使 XPLR 能夠釋放現有投資組合中強勁現金流的價值，並使 XPLR 能夠在未來為基金份額持有者提供最佳的現金流分配。這種對嚴格資本配置的關注與獨立電力生產商等高現金流產生公司部署的資本配置策略一致。

We believe XPLR offers an attractive value proposition to existing and potential unitholders. XPLR's diverse assets and long-term contracts with high-quality customers provides long-term visibility in our project level cash flows.

我們相信 XPLR 為現有和潛在的基金份額持有者提供了有吸引力的價值主張。XPLR 的多元化資產和與優質客戶簽訂的長期合約為我們的專案級現金流提供了長期的可見性。

The chart on slide 14 illustrates a range of theoretical potential unit prices based on a range of independent power producer trading levels and our 2026 free cash flow before growth expectations range. Of course, we cannot predict actual unit prices, but we do firmly believe XPLR represents a compelling long-term investment opportunity due to the unprecedented demand for power, our close relationship with NextEra Energy, and the quality of our large, diversified portfolio of renewable energy projects that uniquely position us for opportunities to create value for unitholders through a disciplined approach to capital allocation.

投影片 14 的圖表說明了基於一系列獨立電力生產商交易水準和我們 2026 年成長預期範圍前的自由現金流的一系列理論潛在單價。當然，我們無法預測實際單位價格，但我們堅信 XPLR 代表著一個引人注目的長期投資機會，因為對電力的需求空前高漲、我們與 NextEra Energy 的密切關係以及我們龐大而多樣化的可再生能源項目組合的質量，這些項目使我們有機會通過嚴謹的資本配置方式為單位持有人創造價值。

That concludes our prepared remarks, and with that, we will open the line for questions.

我們的準備好的演講到此結束，接下來我們將開始提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指令）

Shahriar Pourreza, Guggenheim Partners.

古根漢合夥人公司的 Shahriar Pourreza。

Hey, guys. Good morning.

嘿，大家好。早安.

Good morning.

早安.

Morning.

早晨。

Morning. So just really quick one for me, please. Just on the guidance, as we're thinking about the free cash flow before growth, how much of that is kind of driven by the ITC and PTC? Thanks.

早晨。所以請幫我快速回答一下。僅就指導而言，當我們考慮成長之前的自由現金流時，其中有多少是由 ITC 和 PTC 推動的？謝謝。

Hey Shahr, it's Alan. So in the appendix of the presentation, we've given you the tax credits up to 2026. So the way I think about it is, as we've said in the prepared remarks, our free cash flow before growth is relatively consistent through the end of the decade. So that's kind of what we're willing to share with you today.

嘿 Shahr，我是 Alan。因此，在簡報的附錄中，我們為您提供了截至 2026 年的稅收抵免。因此，我的想法是，正如我們在準備好的評論中所說的那樣，到本世紀末，我們的成長前自由現金流相對穩定。這就是我們今天願意與大家分享的內容。

Okay. Perfect. No, that's all the questions I had. Appreciate it. And congrats, Alan, on the new spot.

好的。完美的。不，這就是我所有的問題。非常感謝。祝賀艾倫找到新工作。

Thanks, Shahr.

謝謝，Shahr。

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies)。

Hey, good morning team. Thank you, guys, very much. I appreciate the time and congrats and Alan, pleasure.

嘿，大家早安。非常感謝你們。我很感激你抽出時間並向艾倫表示祝賀，很高興。

Maybe just to follow-up a little bit, how do you think about what that run rate EBITDA is in terms of the growth CapEx that you guys are laying out here? So i.e., how do you think about that run rate growing and then how do you think about the net of, as you say, selling assets out from under the CEPF?

也許只是為了稍微跟進一下，就您在這裡列出的成長資本支出而言，您如何看待 EBITDA 的運作率？那麼，您如何看待運行率的成長，然後您如何看待您所說的 CEPF 下出售資產的淨額？

How do you think about that over time? I imagine there's some puts and takes and probably for convenience you're talking about run rate. But can you talk about the gross up and the gross down there a little bit as you think about run rate?

隨著時間的推移，您如何看待這個問題？我想像會有一些投入和產出，可能為了方便，您正在談論運行率。但是，當您考慮運行率時，您能否稍微談談毛利率的上升和下降情況？

Yeah. So I think, the way I look at it is let's -- we're not going to talk about run rate on a go forward basis, right? I think what matters to my mind is going forward is what the actual cash flows that we're going to produce that we can allocate on behalf of unitholders.

是的。所以我認為，我的看法是——我們不會在前進的基礎上談論運行率，對嗎？我認為，對我來說，未來最重要的是我們將產生多少實際現金流，以便為單位持有人進行分配。

And our project -- as we stated, our project level cash flows are relatively consistent. What we've laid out here is a plan where you have significant movements in the capital structure. The change in the capital structure is primarily due to our decision not to issue equity.

正如我們所說，我們的專案級現金流相對一致。我們這裡列出的是一個計劃，其中列出了資本結構的重大變動。資本結構的變化主要是因為我們決定不發行股票。

So you've got higher interest expense. But after you've kind of gotten your way through 2025, we're into 2026, we arrive at a free cash flow growth of $600 million to $700 million. That I think is the most important metric. Right? We're at that $600 million to $700 million of free cash flow that we can allocate on behalf of all the capital allocation decisions of this company to drive unitholder value.

因此你的利息支出更高。但在度過 2025 年後，我們進入 2026 年，自由現金流成長將達到 6 億至 7 億美元。我認為這是最重要的指標。正確的？我們擁有 6 億到 7 億美元的自由現金流，我們可以代表該公司的所有資本配置決策來分配這些自由現金流，以推動單位持有人價值。

Hey, Julien, on the question with regard to EBITDA and I think we've shown you a page on that EBITDA is effectively flat during the period that we're talking about. The one changed EBITDA will be Meade. Right? And so, you can see that step down. And then on the repowerings, it's effectively flat.

嘿，朱利安，關於 EBITDA 的問題，我想我們已經給你展示了一個頁面，上面顯示在我們討論的期間內 EBITDA 實際上是持平的。發生變化的 EBITDA 將是 Meade。正確的？所以，你可以看到這一步已經完成了。然後在重新供電方面，它實際上是持平的。

So we're spending the capital, but I think you need to -- that is effectively extending the asset life of the assets. So we're creating meaningful NPV, we're creating attractive IRRs. But what you're seeing that in is in the multiple more years of asset life that we've added to it.

所以我們正在花費資金，但我認為你需要——這有效地延長資產的壽命。因此，我們正在創造有意義的 NPV，我們正在創造有吸引力的 IRR。但您看到的是我們為其增加了多年的資產壽命。

Got it. And then just in terms of incremental interest expense, how do you think about what you're targeting there beyond the 2016 environment? Any kind of way to think about how you're thinking about refinancing at the HoldCo and interest expense there or any kind of heuristics each year? Just as you think about rolling forward. I mean, would you use converts and other lower coupon structures again. Are you thinking about more traditional debt structures?

知道了。那麼就增量利息支出而言，您如何看待 2016 年以後的目標？有什麼方法可以考慮您如何考慮 HoldCo 的再融資以及每年的利息支出或任何啟發式方法？正如你正在想著向前滾動一樣。我的意思是，您會再次使用轉換者和其他較低的優惠券結構嗎？您是否考慮更傳統的債務結構？

Yeah. I think right now we're obviously focused on straight debt because we like the value of our equity price and so we don't want to sell it through a convert. We'll see where we are when the next set of maturities comes due. But we're doing a lot of the refinancing in the '25 and '26 timeframe. So that's why we feel very confident about the cash flow number that we put in front of you today.

是的。我認為現在我們顯然專注於直接債務，因為我們喜歡我們的股權價格的價值，所以我們不想透過轉換來出售它。當下一組債券到期時，我們將會知道情況如何。但我們在25年和26年期間做了很多再融資。所以這就是為什麼我們對今天向您提供的現金流數字非常有信心。

Awesome. And then, if I can think of it in a different direction, as you think about recontracting the portfolio here, et cetera, again, that's also recontemplating your run rate conversation. I get repowering, a net flat. You're selling assets here, so presumably that pushes down the EBITDA relative to your run rate conversation. Are there other positive offsets or should we not read your run rate EBITDA as being inclusive of these CEPFs off over time?

驚人的。然後，如果我可以從不同的方向來考慮，當您考慮在這裡重新收縮投資組合等等時，這也是在重新考慮您的運行率對話。我得到重新供電，網路平坦。您在這裡出售資產，因此大概這會壓低相對於您所說的運行率的 EBITDA。是否有其他積極的抵消因素，或者我們不應該將您的運行率 EBITDA 讀作包括這些隨時間推移的 CEPF？

Right. So Julien, if I'm following the question, I guess I'll just say a couple things. One is, we're going to eliminate conversations of run rate going forward. We're just going to talk about the EBITDA of the assets. And if you look at the page that we presented, the EBITDA of the assets is effectively flat, except for when we sell off the CEPFs, which we've shown you that step down over time.

正確的。所以朱利安，如果我理解這個問題的話，我想我會說幾件事。一是，我們將不再討論運行率的問題。我們只討論資產的 EBITDA。如果您查看我們提供的頁面，您會發現資產的 EBITDA 實際上是持平的，除非我們出售 CEPF，我們已經向您展示了 CEPF 會隨著時間的推移而下降。

And then as Alan mentioned, from a cash flow perspective, we've given you where we think we are in 2026, and we said we think that's effectively flat. That's the right range to think about for through the end of the decade. So hopefully that answers your question. But want to make sure we're hitting it directly.

正如艾倫所提到的，從現金流的角度來看，我們已經給出了我們認為 2026 年的情況，我們認為這實際上是持平的。這是本世紀末值得思考的正確範圍。希望這能回答你的問題。但要確保我們能直接擊中它。

No, absolutely. Thank you, guys very much for the details. I appreciate the time and patience. Good luck. All right, look forward to it.

不，絕對不是。非常感謝你們提供的詳細資訊。我感謝您的時間和耐心。祝你好運。好的，期待一下。

Thank you.

謝謝。

William Grippin, UBS.

瑞銀的威廉‧格里平 (William Grippin)。

Good morning. Thanks very much for the time. Just one quick one for me. Could you give us a little bit more color on sort of the quantum and timing of your expected growth investments, or perhaps when we could get a little bit more color on how exactly you plan to make those investments.

早安.非常感謝您抽出時間。對我來說只需快速完成一件事。您能否向我們詳細介紹您預期的成長投資的數量和時間，或者我們何時可以進一步了解您計劃如何進行這些投資。

Yeah. So I think we've laid out in the source of uses in the appendix, right, the plan CapEx expenditures. I would say, you have -- most of it is going to be in the 2025 timeframe. Right? And then you have some of it in 2026. But what we've laid out here today is really a '25 to '26 plan. The current -- that's kind of how you think should think about it.

是的。所以我認為我們已經在附錄中列出了使用來源，也就是計畫資本支出。我想說的是，大部分都將在 2025 年實現。正確的？然後你在 2026 年就會擁有其中的一些。但我們今天在這裡制定的實際上是一項 25 至 26 年計劃。目前—這就是您應該思考的方式。

Does that answer your question or?

這回答了你的問題嗎？

I guess, well -- and then how do I think about that sort of in the context of guiding to flat, free cash through the end of the decade, right?

我想，好吧——那麼我該如何看待這種情況，以引導整個十年內現金保持平穩、自由，對嗎？

Sorry. So I think what you should think about it is, obviously, in the near term, we're focused on our two first priorities, right, which is the CEPF buyouts and the repowering projects. The guidance does not contemplate growth beyond that at this point. Obviously, as we complete our two priorities and we have access to cash flows, we think there's plenty of opportunities beyond that. But the guidance today does not incorporate anything beyond that.

對不起。所以我認為你應該考慮的是，顯然，在短期內，我們將重點放在我們的兩個首要任務，即 CEPF 收購和再發電項目。目前，該指導意見並未考慮超出此範圍的成長。顯然，當我們完成兩個優先事項並獲得現金流時，我們認為除此之外還有很多機會。但今天的指導並未包含除此之外的任何內容。

Got it. Thanks very much.

知道了。非常感謝。

Willard Grainger, Mizuho.

瑞穗的威拉德·格蘭傑。

Hi. Good morning, everybody. Just a point of clarity. Do you expect there is the expectation that the EBITDA from the $1.7 billion to $1.9 billion of growth CapEx will bridge you or offset any decline in EBITDA from asset sales? Is that how we should be thinking about it?

你好。大家早安。只是為了澄清一點。您是否預計，從 17 億美元到 19 億美元的成長資本支出的 EBITDA 可以彌補或抵銷資產出售帶來的 EBITDA 的下降？我們該這樣思考嗎？

I think the way you should think about repowers, which is where the money is going to over the next. So we're spending money on two things as Alan laid out. One is, we're going to buyout selected CEPFs, right? And then two, we're going to spend money on repowers. And the way I would think about repowers is not adding meaningful prompt to your cash flow but extending the life of the asset.

我認為你應該考慮重新分配權力，也就是下一步錢要流向哪裡。正如艾倫所說，我們在兩件事上花了錢。一是我們要收購選定的 CEPF，對嗎？第二，我們要花錢再利用。我認為再授權的方式不是為你的現金流增加有意義的提示，而是延長資產的壽命。

And so, we're adding meaningful NPV and meaningful IRR. And so, we are spending capital and we're holding the EBITDA and the cash flow at a range that we talked about, but we are extending the life of the assets many years, which is adding NPV. That's why we've talked about them being positive IRR investments.

因此，我們加入了有意義的 NPV 和有意義的 IRR。因此，我們正在花費資本，並將 EBITDA 和現金流保持在我們談論的範圍內，但我們正在延長資產的使用壽命很多年，這增加了 NPV。這就是我們說它們是正 IRR 投資的原因。

Got it. And the funding of the new CapEx, should we just think about that as a combination of equity and tax equity, or is there a refinancing of the project level debt, or will a lot of that just be kind of pushed down from the HoldCo -- in the form of HoldCo? How should we be thinking about that? Thanks.

知道了。對於新資本支出的融資，我們是否應該將其視為股權和稅收股權的結合，還是對專案級債務進行再融資，或者其中許多資金是否會以 HoldCo 的形式從 HoldCo 中壓下來？我們該如何思考這個問題？謝謝。

I think it's going to be a combination of project level and tax equity. Obviously, we think the majority of that financing will be at the project level.

我認為這將是專案層面和稅收公平的結合。顯然，我們認為大部分融資將用於專案層面。

Perfect. I'll leave it there. Thank you.

完美的。我就把它留在那裡。謝謝。

I would point you to slide 20 in the appendix where we've actually laid out in detail our financing plan, the expectations of the financing plan for the next two years.

我想指出的是附錄中的第 20 張投影片，我們實際上在那裡詳細列出了我們的融資計劃以及未來兩年融資計劃的預期。

Andrew Weisel, Scotiabank.

加拿大豐業銀行的安德魯‧韋塞爾 (Andrew Weisel)。

Hi, thanks. Good morning, everyone. Appreciate all the details here, a lot to digest. My first question, just to clarify, the EBITDA and free cash flow before growth guidance figures, are those calendar guidance figures? In the past, you've talked about December 31 run rate figures. Is this a change? Are these more traditional full year numbers?

嗨，謝謝。大家早安。感謝這裡的所有細節，有很多東西需要消化。我的第一個問題，只是為了澄清一下，增長指導數字之前的 EBITDA 和自由現金流，是日曆指導數字嗎？過去，您曾談論過 12 月 31 日的運行率數據。這是一個改變嗎？這些是更傳統的全年數字嗎？

That is correct. As stated, what we think matters most in a go forward basis is how much cash do we have available in each calendar year to fund the different sources and the different capital allocation decisions that we intend to make.

正確。如上所述，我們認為未來最重要的是我們每年有多少現金可用於資助不同來源和我們打算做出的不同資本配置決策。

Okay. Great. Thank you for clarifying. Then secondly, Brian, just to elaborate on what you were saying a moment ago. If I understand correctly, the $1.7 billion to $1.9 billion of growth CapEx over '25 to '26 primarily repowerings and that should basically maintain the EBITDA and free cash flow before growth that you're guiding to for 2026 that should be stable through the end of the decade.

好的。偉大的。感謝您的澄清。其次，布萊恩，我只是想詳細說明一下你剛才所說的內容。如果我理解正確的話，25 年至 26 年 17 億至 19 億美元的成長資本支出主要用於重新供電，這基本上應該可以維持您所預測的 2026 年 EBITDA 和增長前的自由現金流，並且應該會一直保持穩定到本世紀末。

So my question is should we model out a similar level of growth CapEx each year in order to maintain that level, or how do we think about that? I mean, I think --

所以我的問題是，我們是否應該每年模擬出類似的成長資本支出水平以維持該水平，或者我們如何考慮這一點？我的意思是，我認為--

The way that I would think about repowers is as you said, we're putting money into the assets to extend the life of the assets. Right? So on an NPV basis we've added years of cash flow to the business because it -- we've extended the life of the assets. That's where we're going to focus our money in '25 and '26.

我對再授權的看法就像你說的，我們把資金投入到資產中以延長資產的使用壽命。正確的？因此，從 NPV 角度來看，我們為企業增加了多年的現金流，因為我們延長了資產的使用壽命。這就是我們25年和26年資金的重點。

As we look at other opportunities, we mentioned co-located storage, right, so that could be a different kind of CapEx. Obviously, that will come with incremental cash flow and its own NPV So the near-term cash flow is invest in the assets, extend the life of the assets, which we think is a very attractive IRR. And then, we'll look at other -- as Alan said, we'll look at other opportunities when we get out to the '25, '26, and '27 timeframe.

當我們尋找其他機會時，我們提到了共置存儲，對吧，所以這可能是一種不同類型的資本支出。顯然，這將帶來增量現金流和自身的 NPV，因此短期現金流是投資於資產，延長資產壽命，我們認為這是一個非常有吸引力的 IRR。然後，我們會考慮其他——正如艾倫所說，當我們進入'25、'26 和'27 時間段時，我們會考慮其他機會。

Okay. So in the simplest terms of modeling, until we hear otherwise, EBITDA and free cash flow should be flattish, no growth CapEx and no distribution. Is that kind of the way we should think about this until we hear otherwise?

好的。因此，用最簡單的建模術語來說，除非我們聽到其他消息，否則 EBITDA 和自由現金流應該持平，沒有成長資本支出，也沒有分配。在我們聽到其他意見之前，我們應該這樣思考這個問題嗎？

That's correct.

沒錯。

Okay. Great. Thank you. And one last question --

好的。偉大的。謝謝。最後一個問題--

Obviously, we mentioned, I just want to point out, as we talked about in the presentation, there is, obviously the expected drop in EBITDA from the sale of the Meade Pipeline investment. Right? So you should factor that in as well.

顯然，我們提到過，我只是想指出，正如我們在演示中所討論的那樣，出售 Meade Pipeline 投資顯然會導致 EBITDA 下降。正確的？所以你也應該考慮到這一點。

Correct. I should have said after 2026. Right. Very clear on the near-term changes. Okay. Great. Then my last one, if I may. You mentioned some additional changes coming on the management team. Congratulations to Alan again. Can you maybe elaborate on what other new faces we might see coming into the picture here or position?

正確的。我應該說2026年以後。正確的。近期的變化非常明確。好的。偉大的。如果可以的話，這是我的最後一個問題。您提到管理團隊即將發生的一些其他變更。再次恭喜艾倫。您能否詳細說明一下我們可能會看到哪些新面孔或新職位出現？

Yeah. I think with this announcement today, we are also -- we have a new CFO, Jessica Geoffroy. Jessica has been a leader within NextEra for a number of years. Really talented individual that I'm super excited to be going on this journey with. So she's going to be the other named Executive Officer.

是的。我想，今天宣布這一消息的同時，我們也迎來了新的財務長傑西卡·傑弗羅伊 (Jessica Geoffroy)。傑西卡多年來一直擔任 NextEra 的領導者。非常有才華的人，我很高興能和他一起踏上這段旅程。所以她將成為另一位指定的執行官。

With us is a really talented team as well at NextEra. And obviously as you heard today, the relationship between XPLR and NextEra Energy isn't changing. So obviously, we have continued support and opportunities to work with the NextEra team.

NextEra 也是一支非常有才華的團隊。顯然，正如您今天所聽到的，XPLR 和 NextEra Energy 之間的關係並沒有改變。因此顯然，我們將繼續獲得支持並有機會與 NextEra 團隊合作。

Andrew, you might remember, Jessica, she was a former Head of IR. So you may have interacted with her in that capacity.

安德魯，你可能還記得，潔西卡，她曾任投資人關係主管。因此您可能以這種身分與她互動。

Yep, I do. Congratulations all around. Thank you everyone.

是的，我知道。向大家表示祝賀。謝謝大家。

Michael Sullivan, Wolfe Research. Please go ahead.

沙利文（Michael Sullivan），沃爾夫研究公司。請繼續。

Yeah. Hey, good morning. I think you mentioned rating agencies effectively signing off on the plan. Can you just give us a sense of what the credit metrics look like over the next couple of years?

是的。嘿，早安。我認為您提到過評級機構實際上簽署了該計劃。您能否向我們介紹一下未來幾年的信貸指標狀況？

Yeah. I think, obviously, we've previewed this plan with all of the three of the agencies that rate us. Right? And our credit metrics, from an FFO perspective, are expected to be kind of consistent with levels that are consistent with our ratings. I think that's kind of what the expectation.

是的。我認為，顯然我們已經與對我們進行評級的所有三個機構預覽了這一計劃。正確的？從 FFO 角度來看，我們的信用指標預計與我們的評級水準一致。我認為這正是我們所期望的。

Yeah. So you'll get. If you haven't seen their press releases, I think they'll be coming out later this morning. So they've affirmed their expectations and each of them has a slightly different way of going through the calculation.

是的。所以你會得到。如果您還沒有看到他們的新聞稿，我想他們會在今天上午晚些時候發布。所以他們確認了自己的預期，每個人進行計算的方式都略有不同。

So rather than taking them agency by agency, you can look at the reports, but you'll be able to see their guidance and where we sit within their guidance. But I think the important part for this conversation is that they've affirmed where they are relative to where they were before this announcement.

因此，您無需逐一機構地查看，只需查看報告，就能看到他們的指導以及我們在其指導中所處的位置。但我認為，這次談話的重要部分是，他們已經確認了他們相對於宣布這一消息之前的狀況。

Okay. Very helpful. And then just on the Meade sale. So to confirm, you expect to close it in the fourth quarter and has the process kicked off yet officially?

好的。非常有幫助。然後就只談 Meade 的銷售。那麼確認一下，您預計在第四季度完成該交易，並且該流程是否已正式啟動？

I don't want to comment on the process more broadly, but I think the timing is consistent with the fourth quarter of this year.

我不想對這個過程進行更廣泛的評論，但我認為時間與今年第四季一致。

Okay. And any change to how much leverage is on that asset from prior disclosures?

好的。與先前的揭露相比，該資產的槓桿率有什麼變化嗎？

No change.

沒有變化。

Okay. Thank you.

好的。謝謝。

Christine Cho, Barclays.

巴克萊銀行的 Christine Cho。

Good morning. Thank you for taking my question. I just have one. And I know you've kind of touched upon this, but the repowerings, you talk about it being NPV positive as you extend the terms. But is there any opportunity to renegotiate the PPA rate, especially for the ones that don't have some sort of adder? I would just think that given some of these original PPAs were signed 10 years ago, that there could be some uplift in the PPA rate.

早安.感謝您回答我的問題。我只有一個。我知道您已經提到了這一點，但是在重新賦權時，您談到隨著期限的延長，其 NPV 變為正值。但是，是否有機會重新協商電力購買價格（PPA）利率，尤其是對那些沒有某種加法的電力購買價格？我只是認為，鑑於其中一些原始電力購買協議 (PPA) 是在 10 年前簽署的，電力購買協議 (PPA) 利率可能會上調。

Sure. I mean, listen, as part of these conversations, there's always an option to renegotiate the PPA. And so it obviously depends on where the PPA was struck relative to where current prices are. So we look at all those opportunities in the context of these repowerings.

當然。我的意思是，聽著，作為這些對話的一部分，總是可以選擇重新協商 PPA。所以這顯然取決於電力購買協議 (PPA) 的簽訂地點與當前價格的相對位置。因此，我們在這些重新授權的背景下審視所有這些機會。

This concludes our question-and-answer session and concludes our conference call today. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，今天的電話會議也結束了。感謝您參加今天的演講。您現在可以斷開連線。