(Reuters) – XPLR Infrastructure , a unit of utility agency NextEra Vitality, mentioned on Tuesday it would droop its dividend for an indefinite interval, sending the corporate’s shares down 23% in premarket commerce.
The transfer comes as XPLR appears to be like to reinvest most of its money circulate to fund its renewable power investments. Earlier it was centered on elevating capital to accumulate property and distributing most of its extra money flows to shareholders.
“The modifications we’re saying right this moment are meant to get rid of the necessity to challenge fairness,” mentioned Chairman John Ketchum.
XPLR, which was renamed from NextEra Vitality Companions final week, named Alan Liu, a NextEra government, as CEO of the agency.
Individually, NextEra Vitality reaffirmed its long-term monetary expectations and added that its funding plan from 2024-2027 stays unchanged.
(Reporting by Tanay Dhumal in Bengaluru; Modifying by Shailesh Kuber)
