Hey Patrick,
Sorry we missed this, was just checking the Q&A and noticed no one had responded. My thoughts on NPI haven't changed - the renewable industry is under significant pressure with rates the way they are. Companies like NPI are high capex companies and even more so when they are trying to grow the business. So rising rates will continue to impact them. That said, outside of BEP - which we still consider best-in-class in the renewable energy industry, I do like NPI more than some of the other renewable plays. The current dividend is well covered and it has better ratios than most in the industry.
There are however, a couple of cons to consider. For starters, growth is slowing. While it has been one of the fastest growing renewable utilities over the past handful of year, growth rates are expected to slow materially and is now in the lower half of expected growth rates (compared to their peers). That said, it is probably one of the cheapest renewables trading at discounts pretty much across the board, so I believe the lower growth is more than baked in here. Secondly, debt load is still pretty high. While it is not the worst in the industry, it still has a pretty significant debt load.
All in all , I still consider it one of the better renewable companies but I still expect the industry to struggle gaining any momentum until we see signs of rates stabilizing.
Mat