(Reuters) – XPLR Infrastructure , a unit of utility firm NextEra Energy, said on Tuesday it’ll suspend its dividend for an indefinite period, sending the corporate’s shares down 23% in premarket trade.

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

“The changes we’re announcing today are intended to eliminate the necessity 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.

Individually, NextEra Energy reaffirmed its long-term financial expectations and added that its funding plan from 2024-2027 stays unchanged.

(Reporting by Tanay Dhumal in Bengaluru; Editing by Shailesh Kuber)