The company has issued approximately $96 million of preferred stock, primarily to its financial sponsor, the Carlyle Group, and its management team. As part of the Preferred Stock Purchase agreement, Carlyle can pursue additional preferred stock purchases as needed. NEP also entered into a sale-leaseback agreement to raise an additional $130 million this year. In our view, these incremental sources of liquidity, in addition to the cash flow from its operations, will be sufficient to meet the company?s high capex needs in 2023. We forecast the company will have capex of at least $300 million in 2023, primarily related to its continued investment in NEP 360 and contract renewals. We also expect NEP's FOCF will be negatively affected by restructuring
