In short: Utility-scale solar yield-co with a "windfall coming in the latter part of the decade / early 2030s" — marks its PPAs to market at much higher values (as gas lifts power prices) with no incremental capex.
XPLR Infrastructure (formerly NextEra Energy Partners) owns large solar farms and sells their power under long-term contracts (PPAs — power purchase agreements). Here's the clever part of Smith's thesis: in each regional power market, the price everyone pays is set by the last, most expensive plant needed — usually a gas plant. So when gas gets expensive, the whole market's electricity price jumps.
Solar's fuel (sunlight) is free and its cost doesn't change. So as gas pushes power prices up, a solar owner's profit margin expands with zero extra spending — and when XPLR renews or re-marks its contracts to those higher prices, it captures a "windfall" in the early 2030s without building anything new.
27:16And so we think there are some companies positioned very well for margin expansion for no incremental capital cost. XPLR, ticker XIFR, formerly NextEra Yield Co, which is an interesting set of assets, they have a windfall coming in the latter part of the decade in early 2030s ceteris paribus because they mark their PPAs to market at much higher values without any capex.
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