XPLR Infrastructure, LP (formerly NextEra Energy Partners, LP) has transitioned from an income-focused yieldco to a self-funded, leveraged clean-energy infrastructure play following the suspension of its distributions. The partnership's core strategy now centers on capital structure simplification, balance sheet deleveraging, and organic value creation through wind repowering and battery storage co-investments. While the underlying portfolio of contracted wind, solar, and storage assets continues to deliver stable operational cash flows backed by long-term PPAs, the equity's attractiveness is heavily tempered by high leverage, complex capital structures, and elevated financing costs. Consequently, a Hold rating is warranted as the company executes its self-funding model.