(Reuters) - XPLR Infrastructure ( NEP ) , a unit of utility firm NextEra Energy ( NEE/PN ), said on Tuesday it will suspend its dividend for an indefinite period, sending the company's shares down 23% in premarket trade.

The move comes as XPLR looks to reinvest most of its cash flow to fund its renewable energy investments. Earlier it was focused on raising capital to acquire assets and distributing most of its excess cash flows to shareholders.

"The changes we are announcing today are intended to eliminate the need to issue equity," said Chairman John Ketchum.

XPLR, which was renamed from NextEra Energy Partners last week, named Alan Liu, a NextEra executive, as CEO of the firm.

Separately, NextEra Energy ( NEE/PN ) reaffirmed its long-term financial expectations and added that its funding plan from 2024-2027 remains unchanged.